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Mon, 03 Feb 2025 09:53 | Industrial Transformation | Editorial INTI
Jakarta, INTI - The rapid advancement of the internet has encouraged various sectors to switch from traditional operations to a more modern system through the application of advanced technology. In the era of the industrial revolution 4.0, technological innovations continue to emerge, one of which is blockchain technology. Blockchain has become one of the important milestones that is expected to change the paradigm in the financial industry and various other sectors.
How Blockchain Operates?
According to cloudcomputing.id, blockchain is a technology that stores transaction data in blocks that are interconnected to form a chain. This technology functions as a digital ledger that can be accessed by anyone.
Each block stores digital information, starting with the first block called the genesis block. Each subsequent block stores data based on incoming inputs, recording changes that occur due to new inputs.
The security of the blockchain is guaranteed by cryptography that protects each block. The data recorded in the previous block cannot be changed after a new input. In addition, blockchains are not stored on just one server, but are spread across various nodes in the network, making them difficult to manipulate. Changing data in a block or blockchain requires a collective decision, ensuring the security and integrity of the stored information.
Blockchain was originally developed in response to the need for a more efficient, inexpensive, and secure system for recording financial transactions. The concept of blockchain first emerged in 1991, when Stuart Haber and W. Scott Stornetta published an article titled How to Time Stamp a Digital Document in the Journal of Cryptography.
Blockchain for Cross-Border Transactions
Recognizing its wide-ranging benefits, many sectors have begun exploring the potential of blockchain, particularly in the financial industry.
One of its most prominent applications is in cross-border transactions. In Indonesia, two leading blockchain solution providers, D3 Labs and Orbix Technology, recently announced a strategic partnership to transform cross-border payments and advance blockchain-based technology development in Thailand, Indonesia, and the Southeast Asian region.
According to a report from jawapos.com, published on Sunday, February 2, 2025, Chung Ying Lai, Co-Founder and Co-CEO of D3 Labs, explained that this collaboration will leverage D3 Labs' ecosystem, known as the SeaSeed Network, as well as Orbix Technology's blockchain infrastructure, Quarix. The goal is to develop secure, efficient, and scalable financial technology while ensuring compliance with applicable regulations.
“Our collaboration with Orbix Technology marks a significant milestone in our journey to revolutionize financial services,” said Chung Ying Lai. By combining expertise and utilizing blockchain technology, the two companies aim to create transformative solutions that enhance efficiency, innovation, and regulatory compliance in the digital financial ecosystem.
Yarnvith Raksri, Managing Director of Orbix Technology, added that the primary goal of this partnership is to deliver impactful solutions for businesses and individuals. By addressing real-world challenges, particularly in improving cross-border payments between Thailand and Indonesia, they strive to make transactions faster, more secure, and cost-effective.
“With the increasing tourism between the two countries, we are excited to support smoother travel experiences through this blockchain-based solution,” said Yarnvith.
The Future of Blockchain in Southeast Asia
This initiative aims to optimize blockchain capabilities and pioneer innovative solutions that redefine the standards for global financial transactions. By harnessing collective strength and shared vision, D3 Labs and Orbix Technology are ready to transform the digital financial landscape in Southeast Asia. They are committed to providing cutting-edge blockchain solutions that drive progress, accessibility, and regulatory compliance.
Blockchain is not only a solution for financial transactions but also opens new opportunities in various sectors, including logistics, healthcare, and governance. As this technology continues to evolve, the future of blockchain in Southeast Asia and the world looks increasingly bright, offering greater efficiency, security, and transparency for all parties.
Conclusion
Blockchain has proven itself to be a revolutionary technology capable of transforming the way we conduct transactions, especially in a cross-border context. With advantages such as high security, efficiency, and transparency, blockchain not only simplifies international payment processes but also opens doors for innovation across various sectors.
The collaboration between D3 Labs and Orbix Technology is a tangible example of how blockchain can be utilized to create impactful solutions, particularly in the Southeast Asian region. With the continued adoption of this technology, we can be optimistic that blockchain will become the backbone of the future digital financial system, offering convenience, speed, and security for all its users.
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