Indonesian Futures Clearing House Starts Applying Blockchain Technology in the Warehouse Receipt Application

PT Kliring Berjangka Indonesia (Persero) or also known as KBI has carried out soft launch the IS-Ware NextGen application, the development of the Warehouse Receipt Application that has existed since 2010. There are several elements of renewal, one of which is the application of technology blockchain and Smart contract inside it.

Through this application, commodity owners scattered in various places in Indonesia can register their merchandise into the Warehouse Receipt System so that Warehouse Receipt documents can be issued automatically. real-time. Thus, the owner of the commodity can immediately carry out guarantee or trading activities so that the value of the commodity can be utilized optimally.

"Developing this application, of course, is in our efforts to face industry 4.0. In addition, the development of this application is also our effort as a warehouse receipt registration center to improve the National Warehouse Receipt ecosystem. With the development of existing technology, we must also apply it in terms of Registration of Warehouse Receipts," explained the President Director of PT Clearing Futures Indonesia Fajar Wibhiyadi.

KBI collaboration with technology blockchain Previously, this was reflected in the collaboration with Indodax at the end of last September. At that time Indodax implemented pilot project payment via clearing so that crypto asset transactions on the platform are more secure.

Co-Founder & CEO Indodax Oscar Damawan at that time explained that KBI as a Gateway all payment activities or transactions such as deposit and withdraw where is Indodax members' money in the project prototype this will be deposited in the custodian bank.

"With technology blockchain used, in the future it is very possible for the warehouse receipt ecosystem to use the Warehouse Receipt without scrip (scriptless). That will be very helpful for Warehouse Receipts. This is because in terms of cost it will be more economical, safe because it cannot be faked, has resistance because it is not easily damaged. In addition, the registration process will be faster because it is done online and instantaneously," added Fajar.

Regarding Warehouse Receipts in Indonesia, KBI said that up to the third quarter of 2020, the financing value grew by 36% compared to the third quarter of the previous year. As of the end of September 2020, there were 259 issuances on Warehouse Receipts, with a total value of IDR 56,8 billion.

"We know that by using Warehouse Receipts, the community who owns commodities will be able to maintain price stability, which in turn will improve their economic level," Fajar concluded.