XBlockchain Will Explore the Use and Implementation of Blockchain in Bali

Blockchain in Bali

XBlockchain and Asosiasi Blockchain Indonesia (ABI) are jointly hosting an important blockchain summit in Bali, Indonesia on October 9-10. XBlockchain works on building a platform for blockchain innovators, besides ABI is Indonesia’s official blockchain association.

The market for the blockchain technology is expected to grow to US$ 7.68 billion by 2022. It will experience a phenomenal Compound Annual Growth Rate (CAGR) of 79.6%, as this Markets and Markets report shows. Such a growth requires the right ecosystem. Important global conferences bring innovators, government officials, and businesses together. They go a long way in creating a vibrant ecosystem, hence, this blockchain summit assumes importance.

This XBlockchain-ABI hosted summit is taking place in Inaya Putri, Bali, while annual meetings of IMF and World Bank are also happening in Bali. This event will see many important discussions, with long-term impact on how the technology will shape up globally. There is also the “Blockchain on the Yacht”, i.e., an invite-only meeting taking place on the Bali sea.

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Image credit: crystal710/Pixabay

The main thrust of the summit is to explore real-world blockchain use cases. Innovators worldwide are exploring these use cases, hence, it’s valuable when they describe their experience to a wider audience. The blockchain summit in Bali will deliver this value.

The presence of government officials lends further weight since regulatory clarity is important for the technology. Vilius Šapoka (Minister of Finance for Lithuania) will describe how pragmatic but friendly regulations can help. Lithuania’s friendly regulatory environment is helping many blockchain start-ups, as DESICO has recently found.

Block Telegraph has obtained a press release that details the possible use cases the summit may cover. It will include healthcare, financial inclusion, supply chain management, high finance, music, gaming, and more.

Star-Studded Conference

The blockchain summit in Bali will feature quite a few important speakers. Susan Oh is representing the United Nations’ Blockchain for Impact. Chia Hock Lai is representing the Singapore FinTech Association (SFA). Singapore has blockchain-friendly regulations that will be of particular interest to participants. Jason Hsu, a Taiwanese entrepreneur who became a legislator is also lending his expertise to the conference. Small and medium businesses have contributed significantly to Taiwan’s economic success. Paul Sin from Deloitte’s Asia Pacific Blockchain Lab will discuss how his group’s work will impact the future of this emerging technology.

Inge Halim from IBM Indonesia will speak about how IBM is making important strides in the blockchain space. The company uses the technology to assure consumers about the authenticity of diamonds. They are also helping the government of Australia to realize savings using blockchain. Furthermore, IBM is also working with financial services companies on a blockchain app store.

The selection of use cases is significant. The blockchain technology promises much in the supply chain management, as UPS in their logistics business and Walmart in food supply tracking function demonstrate. Important organizations like Mount Sinai sees the value of the technology in healthcare. Crypto-backed loans could transform the lending scenario as BlockFi shows.

The music industry is ripe for a disruption as artists increasingly look for autonomy over their income. SOUNDAC is using the blockchain technology to give them that autonomy. Blockchain can make the gaming industry fairer to game developers, besides, it can create financial incentives for players. Ultra’s David Hanson clearly sees the disruptive potential of the technology in gaming. Insightful speakers, important use cases, and the largest economy of Southeast Asia, this is a summit of significant importance.

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Anujit Kumar is a staff writer for BlockTelegraph. He covers market action and the latest in applications and technical development.

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