Beecast Released The Ecology White paper of Indonesian Blockchain

    2019/04/15 04:51 Maxwell huang Created with Sketch.
Introduction Blockchain Ecology in Indonesian


Indonesia (hereinafter referred to as "Indo") is the fourth largest populous country in the world and the country with the largest number of ethnic Chinese in the world.  In Indonesia, the Chinese owe the majority of the country's wealth and have an absolute voice in the economy.  When mentioning Indonesia, many people’s first impressions are poverty, backwardness and exclusion of Chinese. Even many people’s understanding of Indonesia is limited to Bali. People’s impression towards Indonesia seems to be incompatible with the growing mobile Internet and blockchain technologies in China, the United States, South Korea, Japan and other countries, but more and more foreign blockchain companies have come to this country over the sea to let us  re-examine the world's largest island nation.

Brief Introduction of Indonesia

Population: Indonesia has a population of 266 million in 2018, which is the fourth most populous country in the world. The proportion of ethnic Chinese accounts for more than 5%, exceeding 10 million. The national population growth rate is 1.9%. 58% of the country's population lives in Java, the most populous island in the world.

Economy: Indonesia is a developing country with the same historical background as South Asia. The industrial structure is backward and domestic industries are underdeveloped. Industry accounts for 46.4%, followed by services (37.1%) and agriculture (16.5%).But in the national employment structure, the service industry has been the most engaged industry in Indonesia since 2010, accounting for 48.9%, followed by agriculture (38.3%) and industry (12.8%). In 2018, Indonesia's GDP reached 1.04 trillion US dollars, per capita GDP was 4,000 US dollars, and the economic growth rate reached 5.47%, making it the largest economy in Southeast Asia. In addition, Indonesian technology companies are developing slowly, and there are no technology giants such as China’s Alibaba, Tencent, and Western Facebook and Google.

Education: The Indonesian academic system is six years in primary school, three years in junior and senior high schools, and three to seven years in college. In 2000, the enrollment rate of the primary school was 95.5%, that of the junior high school was 78.7%, that of the high school was 49.1%, and people who have received the high school education or above accounted for 18.32% of the citizens over 10 years old. There are about 150,000 primary schools in the country, more than 30,000 secondary schools, 77 national universities, and more than 1,300 private universities.  Famous universities include the University of Indonesia in Jakarta, the University of Gajah Madhya in Yogyakarta, the University of Surin in Surabaya, and the University of Bandung in Bandung.

Politics: Indonesia runs a presidential system, in which the president is both the head of state and the head of government, and is in charge of the three armies. The president and vice president are all directly elected by the people for a term of five years, and the president can be re-elected once.  The president appoints the cabinet, which is responsible to the president. On July 22, 2014, the Indonesian Election Commission announced that Joko Widodo won the 2014 Indonesian presidential election and was elected as the new president. The Vice President was Yusuf Kara.  This year, Indonesia is about to start a new round of presidential elections.

Religion: There is no national religion in Indonesia, but religion is compulsory for the citizens in this country. About 87% of the population believe in Islam, making it the country with the largest Muslim population in the world. 6.1% of the population believe in Protestantism, 3.6% believe in Catholicism, and the rest believe in Hinduism, Buddhism and the primitive fetishism. About 88% of the nationals believe in Islam, 5% believe in Protestantism, 3% believe in Catholicism, 2% believe in Hinduism, and 1% believe in Buddhism. It is the country with the largest Muslim population in the world.

Stock market: Compared with the global stock markets, the Indonesian stock market has lagged behind the development of Vietnam, the Philippine stock market and the Thai stock market in the past two years . In 2016, the annual increase of the stock market was 15.32%, and the annual increase in 2017 was 19.99%. In 2017, Indonesia's stock market performance, exchange rate stability and economic performance were all stable. By the end of 2017, the number of newly listed companies in the Indonesian stock market had reached 35, which is a considerable number. The importance of Indonesia's stock market in the international market increased gradually in 2018. More and more funds have flowed into the Indonesian stock market. The average annual trading volume of the stock market was 9 billion US dollars, up to an increase of 13% over 2017.


Digital Indonesia

By the end of January 2019, Indonesia’s mobile users have reached 355.5 million, which is 133% of the total population;

The Internet users are up to 150 million, accounting for 56% of the total;

The active social media users are up to 150 million active social media users, accounting for 56% of the total population;

The number of mobile social media users have reached 130 million, accounting for 48% of the total population. 


Smartphone ownership: By the end of 2018, 43% of Indonesia's users will have smartphones, with 114 million, smartphones growing at 14.8%, and mobile devices using 61%.

 Indonesian smartphone users are valued at 210 million by 2022, accounting for 75% of the total population, and coverage of 3G and 4G is 54%.

Smartphone ownership: By the end of 2018, 43% of Indonesia's users will have smartphones, up to 114 million, with smartphones growth at 14.8%, and mobile devices usage 61%. Indonesian smartphone users will be valued at 210 million by 2022, accounting for 75% of the total population, and the coverage of 3G and 4G will reach 54%.


Internet users in Indonesia: Internet users aged 13-18 account for 16.68% of the total Internet users; Internet users aged 19-34 account for 49.52% of total Internet users; Internet users aged 35-54 account for 29.55% of total Internet users and Internet users older than 54 account for 4.24% of total Internet users.

gRa35QgPuoQoYqDSDosyyxagek1eyvfVx7rOEZbD.pngCompared with 2018, the total population of Indonesia has increased by 1% annually, mobile users decreased by 19%, Internet users increased by 13%, active social media users increased by 15%, mobile social media users increased by 8.3%, and mobile users penetration rate reached up to 91%, among which smartphone users penetration rate have reached up to 60%.

The average daily use time of the Internet is up to 8 hours and 36 minutes, among which the average daily use time of social media is up to 3 hours and 26 minutes, and the average daily use time of music streaming media is up to 1 hour and 22 minutes.


From January 2018 to January 2019, there were 150 million active Internet users in Indonesia, accounting for 56% of the total population. Among them, mobile active Internet users reached 142.8 million people, accounting for 53% of the total population.

79% of users access the Internet on a private device every day, 14% visit at least once a week, and 6% at least once a month.

The average connection speed of the mobile Internet was 10.53 Mbps, an increase of 7.2 percentage points compared with the previous year. The PC Internet connection speed was 15.52 Mbps, an increase of 13% compared with the previous year.

During 2018, 61% of Internet users used mobile banking, 35% used mobile payment, and 76% used mobile phones for online transactions.

agRcVQdgPKf32BIiCHOJA1GA6BHJ2Afk9IYW1wba.pngBeeecast & Blockchain No.1 comment: According to the data from We Are Social, Indonesia's Internet coverage in 2018 was around 50%, which increases from 34% two years ago, but half of the population is still not covered by the Internet. It is also very exciting to continue at this rate of growth (even if the speed will slow down).

What's more, Indonesians are famous for their love of the Internet. The netizens spend an average of 8 hours and 51 minutes a day online, second only to Thailand, the Philippines and Brazil. The truth is that the situation in China and Indonesia is completely different. China's venture capital industry is very mature, which are not only fierce and fierce, but also have high customer costs for start-up companies that do not have any technological advantages and do not belong to any giants.

In terms of per capita GDP, Indonesia is at the level of China in 2008, which was on the eve of the mobile Internet outbreak. The average age of the Indonesian population is 30 years old, far below the 37 years of China. In 2008, the average age of the Chinese population was close to 34 years old.

Another key difference is that young people in China are keen to buy a house and generally have mortgage pressure while young people in Indonesia do not have this pressure, which means that the disposable income of Indonesians is much higher with the same income.

Blockchain Indonesia


1.As early as February 2014, according to the Reuters, the Indonesian government has decided to ban the use of cryptocurrency in the country. Its Central Bank also issued a warning that cryptocurrency is prohibited as a legitimate payment instrument. According to the Indonesian Central Bank’s statement (excerpt), “In Indonesia, Bitcoin and other cryptocurrencies are neither money nor statutory payment instruments, and people are advised to be vigilant.” However, the Indonesian government has reconsidered its attitude towards cryptocurrency. In fact, the government has largely turned a blind mind to Bitcoin exchange by individual users, and commercial services involving cryptocurrencies.

2.In January 2008, the Bank of Indonesia declared that “all payment system operators (party, exchange operator, clearing operator, settlement operator, issuer, acquirer, payment gateway operator, e-wallet operator, remittance operator) are prohibited. And Indonesian financial technology operators, that is, all banks and non-bank institutions use virtual currency to process transactions.

3.On February 13, 3, 2019, the Indonesian Futures Exchange Regulatory Commission (Bappebti) issued a new regulation on physical transactions of cryptographic assets in the futures market, Ministerial Decree No.5, which defines tradable cryptographic asset classes and the establishment of a complete cryptographic asset trading mechanism in terms of opening accounts and deposits. This new regulation will regulate the trading of cryptographic assets, clarify the legal responsibilities of traders and improve the protection system for individual cryptographic assets, which means that Indonesia’s crypto-asset market is officially recognized. Although it is still in the early stages of regulation, the market is gradually moving towards compliance.

Beecast & Blockchain No.1 comment: So far, Indonesia hasn’t set up a regulatory agency for the blockchain market and the cryptocurrency market. The Indonesian Commodity Futures Authority is mainly responsible for the formulation of relevant policies. From the policy formulated by the above-mentioned Indonesian Commodity Futures Authority, the attitude towards the blockchain market and the cryptocurrency market of Indonesia’s government is positive and friendly.

Regulatory Authorities:



The Indonesian Commodity Futures Authority (BAPPEBTI) is a government entity that oversees all futures, foreign exchange, and gold transactions. At present, there is no government department in Indonesia that specializes in regulating the blockchain industry. The Indonesian Commodity Futures Authority is currently the manager of the cryptocurrency market, which formulate most of Indonesia's current cryptocurrency policies.

2.Otoritas Jasa Keuangan


OJK is an independent agency that oversees Indonesia's financial service organizations and activities. OJK is also currently responsible for reviewing Indonesia's digital currency transactions.

3.Bank Indonesia


Bank Indonesia is the central bank of Indonesia, which was established after the nationalization of the colonial Dutch bank De Javasche Bank on July 1, 1953. It is currently reviewing the central bank digital currency scheduled for release in 2020 policy.

4.The Ministry of Communication and Information Technology (Kementerian Komunikasi dan Informasi dan Informatika)


The Ministry of Communication and Information Technology is a government department in Indonesia responsible for the development of national communications and information technology. As an emerging technology, blockchain is strongly supported by the Ministry of Communications and Information Technology, which often holds open discussion based on blockchain themes to promote the development of blockchain technology.

Blockchain Industry Associations:

1.The Indonesian Blockchain Association (Asosiasi Blockchain Indonesia)


The Indonesian Blockchain Association is the largest blockchain industry association in Indonesia, established in March 2018. The founding members of the association are composed of six blockchain companies in Indonesia, namely Blocktech Indonesia, Blockchain Zoo, INDODAX, and Indonesian, Blockchain Network, Luno and PundiX. This association aims to become a platform for industry participants to promote the development of the Indonesian blockchain industry.

2.Southeast Asia Blockchian Alliance


The Southeast Asia Blockchain Alliance , established in August 2018, was jointly established by 25 organizations, including Huobi Indonesia, UDAX, Blockchain No.1, Brock Global's media BEECAST, Indonesian Finblock, and the Energy Chain, aiming to unite the Southeast Asia Blockchain industry, establish a development order for the blockchain industry and promote the healthy and orderly development of the blockchain industry in Southeast Asia. The Southeast Asia Blockchain Based on Indonesia, the Southeast Asia Blockchain Allicance will provide a platform for information exchange, resource sharing and win-win cooperation for Southeast Asian blockchain companies.

Blockchian Media

1.Blockchian No.1 


Blockchain No.1, established in October 2018, is the first vertical block media industry in Indonesia and the initiator of the Southeast Asia Blockchain Alliance. It focuses on the blockchain industry reports and provides comprehensive information, market and data research of blockchain as well as services such as providing communities, PR, offline activities for blockchain industry projects and exchanges.



Coinvestasi is a vertical media for the Indonesian blockchain industry. Founded in 2017, Coinvestasi provides information on blockchain technology, cryptocurrency and offline activities in the blockchain industry.



Coindaily is a blockchain portal website in Indonesia. Established in March 2018, it focuses on reporting information in the digital currency field. Oscar Darmawan, CEO of Indonesia's largest exchange INDODAX, is the co-founder of Coindaily, so Coindaily reports a lot about INDODAX.  Related Information.



Blockchainmedia is a vertical media in the Indonesian blockchain industry. Established in August 1818, it is headquartered in Medan, a city in Indonesia. It is the only media outlet of the four blockchain media in Indonesia that is headquartered outside Jakarta.

Beecast & Blockchain No.1 comment: There is a professional blockchain industry vertical media in Indonesia. However, the media operation is not professional. Although it can provide some basic media services to the project side, the media lacks original ability, the content of the which is mostly translated from the blockchain news websites and does not have the ability to deeply analyze the manuscripts in the writing industry.

Blockchain Third Party service providers



As Indonesia's first intelligent currency investment platform for cryptocurrency, TokenWiz can use AI technology to structure the massive data to help users solve problems such as cumbersome cryptocurrency market information, a wide variety of tokens, overloaded information and difficulty to form systems. 



BLOCKCHAIN SPACE is a start-up company with five blockchain shared spaces in Indonesia, the Philippines, Thailand, Malaysia and Vietnam, providing marketing services for blockchain projects and exchanges, as well as blockchain project consulting and incubation services.  

3.Indonesia Blockchain Network


IBN focuses on the community development of the Indonesian blockchain industry, providing training and education services for the blockchain industry's ecology and technology. It will regularly hold offline salons in the blockchain industry to gather industry talents.

4.Blockchain Innovation Center (BIC)


The Blockchain Innovation Center (BIC) is an organization focusing on the innocation of Indonesia's blockchain technology. It provides blockchain industry startups with training and education on blockchain technology, as welll as promotes cooperation between projects and governments.


voaSiq5YdGFFoFlgPIH4kJwis1DlzsSn938oRoe5.pngProviding funds and infrastructures for Indonesian blockchain startups, Blocktech has invested HashPoint, a cryptocurrency mining startup, Blockchain Space, a dedicated workspace for blockchian, Eximchain, a blockchain startup and Standard Alpha, which focuses on ICO so far.

6.Blockchain Zoo 


As the Indonesian blockchain leader company, Blockchain Zoo provides blockchain consulting solutions and blockchain project incubation services, promising to put technology in the first place  and not to participate in any cryptocurrency trading activities. It is co-founded by a group of entrepreneurs who joined the blockchain community at an early time, and it cooperates with banks, government entities and private companies in Southeast Asia.



As the Indonesian IT technology service provider, Blocksphere focuses on providing technical services to companies focusing on  the blockchain technology.



BITPASCAL can provide training services in IT technology, including IOS development, Android development, blockchain technology and so on. 

ICO Platforms

1.Indonesia Crypto Network


Indonesia Crypto Network is a platform of Indonesian blockchain media Coinvestasi, which provides blockchain project marketing and ICO public fundraising services.



TOKONOMY not only has an exchange business, but also provides ICO public fundraising services for blockchain projects. Currently, it has provided ICO services for LYFE, HARA and PLAY GAME.


1.Pundi X


Pundi X is the world's leading provider of digital finance and transaction solutions. It is a new payment method for cashless payments. Currently, Pundi X has launched a blockchain-based POS solution and supported partial digital currency payment offline to make the payments under the cryptocurrency market enter into the global payment market.



Playgame is Southeast Asia's largest blockchain gaming platform. Its parent company Touchten is invested by many well-known global investment institutions including Indonesia's famous VC institution Indeosource, United Overseas Bank, Japanese game company Gree and Cyberagent.



As a global and open blockchain-based data exchange platform, Hara is dedicated to combining blockchain technology with agriculture to solve problems in agricultural development. Its parent company, Dattabot, is a leading big data company with 15 years of experience in Indonesia, and  Former Indonesian Finance Minister Dr. Chatib Basri has joined the ranks of its advisors.



As Southeast Asia's largest health-motivated gamification platform, Lyfe’s executive team includes Oscar Darmawan (CEO of Indodax, Indonesia's largest exchange) and Indra Darmawan (founder of Indonesia's largest health consulting website).

5.Energy ECO Chain


Energy ECO Chain (APEC 2018 Global Partner and Main Sponsor), as a new generation of high-performance hybrid public chain, aims to build a global blockchain ecosystem with the goal of creating a safer, more reliable and more accessible blockchain Internet. Through the unique hybrid chain underlying technology, the Energy ECO Chain can provide a full range of asset digital solutions and enterprise blockchain application development services for global enterprises. At the same time, the Energy ECO Chain is also the initiator of the Southeast Asia Blockchain Alliance.



GoWithMi is the world's first distributed intelligent map ecological public chain, aiming to build the world's first decentralized, distributed, and all-intelligent map trust chain network. Through the blockchain technology, every contribution of users can be confirmed. Each data point can be identified as the data asset of its contributor.



TOKOIN is a blockchain startup in Indonesia. Founded in the middle of last year, it is dedicated to serving local SMEs in Indonesia. It uses blockchain technology to help them build their credit data and credit systems, thereby obtaining the favor of bank loans and investment institutions.



NewSaku is a new generation of news information application based on blockchain technology in Indonesia. It fully respects the user's contribution of broadcasting and integrates the traditional news information platform architecture with the decentralized blockchain technology architecture while preserving the core algorithm. It quantifies the user’s contribution of broadcasting to token value feedback to users through the block to record effective data such as users, content, and access and supervise and manage the relevant mechanisms of the tokens through the intelligent contract and the autonomous community. 



VEXANIUM is a public chain designed to build a decentralized marketing ecosystem through blockchain technology. Using the blockchain technology, it builds a decentralized online market that allows merchants to track and label their rewards and promote its products effectively.



HalalChain is the first public chain dedicated to serving the Muslim countries and regions. By applying blockchain technology to the Halal food supply chain, it will help to improve the transparency and traceability of the Islamic halal food industry.

11.The rest:


Beecast & Blockchain No.1 comment:

There are not many blockchain applications in Indonesia. Compared with some air projects, the Indonesian blockchain industry has emerged with some promising application projects, such as Hara, PundiX, TOKOIN and NewSaku. These projects mainly focus on the collection of  blockchain and data and apply the scenario by the data. 


1.Unicoin Mining 


UNICOIN MINING is an online mining platform and the largest online mining platform in Indonesia,  which provides online cryptocurrency mining services.

2.Honest Mining


Honest Mining is an online mining platform designed to allow everyone to participate in the cryptocurrency mining business and issue their own platform token, HNST.

Investment Agencies

1.Intudo Ventures


Headquartered in Jakarta, the main investment targets of Indonesia Ventures are the statu-ups established 12-16 months. This year has just completed a financing investment funds worth $ 20 million. It involved in a project invested by Nalagenetics of Singapore last month.

2.Alpha JWC Ventures


As one of the largest and most active venture capital funds in Indonesia, its leading and participating projects include Nusantara Technology, OnlinePajak, and Coffeechain Kopi Kenangan.


1.Huobi Indonesia


On September 7, 2018, " Huobi Indonesia Digital Currency Exchange" was officially launched. The conference was held in the Ballroom of the AYANA Hotel in Jakarta, Indonesia. Huobi Indonesia is an important service base in the global strategy of Huobi Group. Its establishment will cover the whole Indonesia and radiate to ASEAN countries, mainly serving the Asian digital currency market.



Indodax is the largest digital currency exchange in Indonesia and Southeast Asia. Established in 2014, it currently has 1.5 million registered users (mainly Indonesian users). The monthly real trading volume is more than 500 million US dollars, which is the oligarch of the current Indonesian market.

 - The Indonesian Government's new regulation No. 99 defines digital assets as legal goods. Indodax Exchange focuses on the compliance and supports the Indonesian rupiah legal currency channel. It is actively preparing for the license applications and is expected to become an Indonesian licensed compliance exchange. 


OABa180EVV3yo57uwRMVWDHTlzuP89LTOF4E4rSt.png UDAX stands for United Digital Asset Exchange. Unlike other cryptocurrency exchanges that serve the world on a single platform, UDAX provides distributed exchange services. UDAX will establish cryptocurrency exchanges in different countries to form UDAX Digital Asset Exchange Alliance globally. Through the distributed settings, UDAX can be well adapted to the regulatory policies of each country.



As Indonesia's domestic cryptocurrency trading platform, TOKENOMY launched its platform token TEN on January 8, 2018, and launched ICO. The total price of ICO is 1750BTC. The CEO of TOKENOMY is Christian Hsieh and Oscar Darmawan, CEO of Indonesia's largest cryptocurrency exchange, serves as its CMO. TOKENOMY is closely related to INDODAX.

The rest:


Beecast & Blockchian No.1 comment: The number of Indonesia's digital currency exchanges is very considerable, but due to the lag in the development of the Indonesian cryptocurrency market, the overall transaction volume is low. Before Huobi Indonesia and UDAX enter the Indonesian blockchain market, INDODAX accounted for the vast majority of transactions in the Indonesian cryptocurrency market. It is the dominance, and the other cryptocurrency trading platforms in Indonesia have a rather small transaction volume.

Conclusions of Beecast & Blockchain No. 1:

1.Looking at the Southeast Asian market, in 2018, due to the recognition of the application of blockchain technology by the National Bank of Indonesia and the establishment of the Indonesian blockchain center, it became the first year of the Indonesian blockchain in 2018. From the official establishment of the Southeast Asia Blockchain Alliance in Jakarta, Indonesia, to the world's top three digital currency exchanges Huobi established Huobi Indonesia to enter Indonesia, various cases prove to us that Indonesia is quietly becoming the hub of Southeast Asia.

2.More and more overseas projects and exchanges focus on the Indonesian market. In the future, Indonesia will become a hot spot for the development of the world blockchain industry.

3.Although the future development of the blockchain industry in Indonesia is very good, for the moment, the whole industry is still in its infancy, whose ecology is not very healthy. INDODAX occupies the vast majority of transactions in Indonesia's cryptocurrency exchanges and the local cryptocurrency exchange is not easy to survive.

4.Limited by the level of  Indonesia's national development level the trading development, IT technology is still lagging behind. The local blockchain enterprises are lagging behind the blockchain enterprises in China, Japan, Korea and Europe and the United States.

5.In general, Indonesia's mobile Internet is in the prosperous stage of development, and the future will be flourish, and sufficient demographic dividend will inject strong momentum into Indonesia's mobile Internet development, which will also boost the development of the blockchain industry in Indonesia.

    Adapted from: Beecast Author: Beecast Executive editor: Maxwell
Declaration:The purpose of COINTIME in carrying out more information does not mean endorsing its view or confirming its description. The article is for reference only, does not constitute investment proposal. Investors operate on the basis of risk.
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