Fun packed 1st Week of July: Central Bank Workshop, Tech in Asia Conference, and BNI Birthday!

HARA had a very exciting first week in July! We engaged bankers in a blockchain workshop, was featured in Tech in Asia’s Product Development Conference 2019, and helped our partner, Bank Negara Indonesia [BNI] celebrate their 73rd anniversary.

Indonesia’s Central Bank, Bank Indonesia, invited our CTO, Imron Zuhri to host a workshop on Islamic economics and finance and how blockchain plays a vital role in it. Indonesia, being the largest Muslim-populated nation in the world, has the incredible potential to capitalize halal goods and services. Halal is what is permissible for Muslims to consume. For example, meat that is not slaughtered appropriately is haram, or impermissible, and thus should not be eaten by Islam practitioners.

Zuhri explained that halal is in fact, not an issue of permissibility, but rather trust. In Indonesia, the Indonesian Ulama Council [MUI] oversees halal certification of goods and services. We relay our trust on a single institution to be correct, verifying that the entire life cycle of a good or service, from its production to final use, is halal. Blockchain simplifies this oversight, by having immutable, transparent transactions to be recorded in a public ledger. Consumers can easily track halal products from its origin and confirm themselves that they are indeed, halal. The halal supply-chain thus should be referred as the halal-value chain as it ascertains quality goods to not only Muslims, but the entire market.

Tech in Asia also held its Product Development Conference this week. Our CTO spoke again, but this time regarding decentralized data-exchange. Many attendants were interested to learn how blockchain can improve the quality of applications and its impact on the future consumer experience. HARA has been spearheading blockchain usage in Indonesia and hopes that other organizations will follow suit. Zuhri discussed the importance of user data privacy and security in today’s age.

The discussion also circulated around the importance of creating social-value when employing applications — and how blockchain is inherently tied with that. Zuhri noted, “Blockchain technology, with the willingness to disrupt ourselves and the right execution, can impact the livelihood of billions.” With HARA, it begins with small-holder farmers.

Our partner, Bank Negara Indonesia [BNI] celebrated its 73rd anniversary this week. In the HARA x BNI Rumah Tani Indonesia booth, our representatives presented how data-utilization can better aid credit-assesment for micro-loans in rural Indonesia. HARA developed a dashboard that displays farmer data such that financial institutions are better informed when creating credit decisions. The dashboard displays information such as demographics, credit-potential index, and realization rates. Infographics supplement provided information. Additionally, the Minister of State-Owned Enterprises, Rini Soemarno, paid a special visit to our booth!

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