BCA Claims to Have Started Implementing Blockchain Technology

BCA claims to have implemented blockchain technology in its operational activities. However, this technology has only been used to speed up payment transactions, reducing transaction complexity, especially in back office. It is claimed that this technology can reduce the company's operational costs, especially when building applications.

"We are working on blockchain now. We have to do it because if not, the preparation for the application program can be faster," said BCA President Director Jahja Setiaatmadja as quoted from Economic News.

Regarding special investments in blockchain, Jahja admitted that the company did not allocate special investments. According to him, the cost is not too expensive.

"Blockchain is inexpensive. [Blockchain] is very fast. It's like build, it can't be one by one, [must] immediately block. They worked on immediately replaced the whole."

Apart from BCA, other banks that are preparing to implement blockchain technology are Bank Mandiri, BNI, BRI, Bank Danamon, and Bank Permata. The five banks are working with technology company IBM for its implementation.

Blockchain is an online global database system that contains a collection of data that records all transactions of its users, much like a ledger in a bank.