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This Startup Offers Blockchain Infrastructure Solutions for the Financial Industry

PT Digital Artha Media (DAM Corp.) as a fintech service provider company has presented a blockchain white label solution for corporations engaged in the financial sector. This solution can be implemented by parties who have digital financial products such as e-money (e-money).

According to Fanny Verona as Managing Director of DAM Corp., it presents the solution as it sees the great need for decentralized data processing. This approach is believed to improve data efficiency and transparency in the digital age.

Benefits of blockchain

Blockchain is a technology that underlies data processing without relying on centralized servers, thus minimizing downtime risk. The blockchain system changed the centralized approach to being decentralized.

When one server is hacked, the affected server can be ignored because it is considered to have data different from the majority of other servers in the network. This is one of the advantages of blockchain because the integrity of information is almost impossible to tamper without destroying the entire data.

Application of blockchain for electronic money

In its application, Fanny explains that e-money data using blockchain will be difficult to be hacked by outsiders. Because to change the balance data of one e-money user, then the hacker must manipulate all the servers scattered simultaneously.

Fanny sees enormous potential for banks and other businesses to develop technologies that can be used to process payment activities to make it faster, more efficient and secure.

Blockchain technology is believed to be appropriate for the fintech industry that involves many parties and still uses manual and rigid systems. This technological breakthrough is also believed to be effective to encourage the realization of transaction data security and accuracy, so that financial product providers do not have to worry about the security of their systems.

The central bank is interested in blockchain

The blockchain system is also being studied by Bank Indonesia regarding the possible issuance of the central bank's digital currency. Unlike other crypocurrency currencies, the central bank will remain the responsible authority with the issuance of the digital currency just like the current rupiah.

Head of Bank Indonesia Payment System Policy Department, Onny Widjanarko, said it took up to two years to study blockchain. It prioritizes caution and thoroughness so as not to cause problems in the future.

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