BRAIN IPB University Thoroughly Explores the Application of Blockchain and AI Technology for the Advancement of the Indonesian Financial Industry
IPB University’s Blockchain, Robotics, and Artificial Intelligence Network (BRAIN) seeks to thoroughly explore the application of AI and blockchain in the BRAIN Series Webinar, (29/2). This webinar invited experts and researchers to discuss the urgency and potential of AI for the advancement of the financial industry.
Prof Arif Satria, Rector of IPB University said that this webinar was an important momentum for the development of advanced digital technology in Indonesia. The development of blockchain and AI for vital sectors in Indonesia is increasingly important especially due to pressure.
“With rapid economic growth, this discussion is important to explore Indonesia’s potential to lead the application of this technology in the financial sector. As a university, we are committed to producing graduates who play an active role and are able to meet the challenges of the industrial revolution 4.0 era, especially in sustainability and technology integration,” he explained.
Prof Arif continued, “Artificial intelligence and blockchain can strengthen the foundation of the financial sector in terms of transparency and security and improve data integrity more efficiently.”
Meanwhile, Dr Triyono Gani, an expert on blockchain for finance and banking said the use of AI and blockchain primarily in risk management and potential fraud, provides synergy solutions pushing the sector to new heights of innovation and competitiveness. He said, initially, this technology was developed as a solution to overcome fraud in the financial sector after the COVID-19 pandemic. This technology can encourage the financial sector to be more resilient.
“Its use is needed to improve data management with the infrastructure that has been developed and adjust to current business models and consumer trends,” said Dr Triyono. He added that the financial sector can collaborate with any sector. The presence of AI will help make the right financial decisions according to the user’s profile. Not only that, blockchain will also fulfil consumer expectations for financial services that are safe, efficient, and transparent.
Prof Yandra Arkeman, Professor of Agricultural Technology at IPB University who is also a BRAIN Researcher, explained that there have been several applications of blockchain technology in finance and banking developed by BRAIN IPB University. Previously, BRAIN IPB University often touched national strategic projects. Now, BRAIN IPB University also touches the financial sector so that in 2020 it formed a Special Interest group (SIG) for the development of blockchain technology for digital finance.
“The reason IPB University entered the realm of digital money is because payments in the blockchain-based supply chain will involve payments using digital money. In addition, the traceability platform built is on top of commercial blockchain platforms such as bitcoin and Ethereum,” he explained.
Applications that have been and are being developed by IPB University include sharia financing blockchain, digital money blockchain, sharia economic and financial blockchain (BEKS), metaverse tokens, and so on.
“AI and generative AI applications that can be used separately or together with blockchain to increase the competitiveness of the financial and banking industry. The benefits are to increase financial transparency, financial decentralisation, and data storage,” he said. (MW) (IAAS/RUM)
