Explore the Potential, Market, and Benefits of Web3 Technology in Indonesia

The Nexticorn International Summit (NXC) 2022 will take place in the near future in Nusa Dua, Bali. Still regarding Web3 As the big theme, Nexticorn Chairman Rudiantara, WIR Group Co-founder and CTO Senja Lazuardy, and Metaverse Indonesia Head of Blockchain Solutions Aldi Raharja discussed the potential, benefits, and exploration use cases. 

Web3 is said to be able to provide opportunities to contribute to the growth of the digital economy in Indonesia. In full, the following is a summary of the Nexticorn International Summit 2022 webinar session entitled "The Rise of Web3 Startups and Initiatives".

New potential

WIR Group Co-founder & CTO Senja Lazuardy believes Web3 will be game changer which will change the way people access information. In line with the development of immersive technology, such as Metaverse. With AR/VR, humans can also communicate in interactive ways and personalize themselves in the form of future avatars.

Web3 has a decentralized concept, data can be widely distributed, but recorded and structured. "If we don't try [exploring Web3], we won't be able to judge whether this is useful or not. The technology was created to make life or daily activities easier," he said. 

Meanwhile, according to Metaverse Indonesia's Head of Blockchain Solutions Aldi Raharja, there are several new potentials that have emerged with the implementation of Web3. He gave an example, the architectural profession may not apply in the real world, but can be applied scientifically aesthetically in the Metaverse.

In addition, there are indeed many predictions that a number of types of jobs will disappear in the future as technology develops. However, new technologies in the Web3 era can actually give rise to new types of work.

"If we talk about the emergence of fast internet for the first time, mass adoption will definitely experience resistance. It always happens. I believe that our readiness to adopt new technology will be faster with the development of current information," he said.

Currently, industry players are exploring use case suitable for the Indonesian market. Of course, this is a significant challenge for industry players considering that not many understand Web3 fundamentals. But, at the moment use case the biggest and most rapidly monetizable in the Web3 realm are games.

"Ownership become keywords on Web3 so that it allows users to own, not just read information. One of them is through Blockchain. This technology also allows person-to-person transactions because there are no intermediaries," he said.

Blockchain also reduces the risk of data loss because the concept is decentralized. There are many use case developed in a number of industrial sectors, such as finance, insurance, to healthcare.

Print Web3 startup

Nexticorn Chairman Rudiantara assesses that the currently developing Web3 trend is a momentum to prepare. In addition, currently not many companies in Indonesia are listed on the stock exchange and are engaged in the development of immersive technology.

Through the Nexticorn event, he hopes to connect quality startups with investors so that they can drive valuations and create the next generation of Web3 companies.

"We always communicate with Venture Capital (VC) and they show their interest in Web3. With Nexticorn, our goal is to have 25 startups unicorn, one of which is Web3-based in 2025. We need a company like WIR because the Indonesian market is still very wide," he said.

In addition, as stated by President Jokowi in his State of the Union speech some time ago, Indonesia needs to produce startups unicorn to ensure that MSMEs can be part of the growth of the digital economy.

"We must immediately prepare, especially since Indonesia will experience demographic peak in 2032. In the next ten years, both industry players and the government must move quickly. Never underestimate the digital economy that utilizes ICT, because its growth is exponential, not linear," he said.

Based on reports from Google, Temasek, and Bain & Company, the value of the digital economy in Indonesia in 2021 will reach $70 billion and is among the highest in the Southeast Asian region. This value is projected to reach $146 billion by 2025.