The Blockchain Asia Forum (BAF) based in Singapore and Indonesia’s Chamber of Commerce will collaborate on a joint venture, called the Blockchain Centre of Excellence and Education (BCEE).

At the Global Blockchain Investment Summit in Jakarta, Rico Rustombi, Kadin official, who is the deputy chairman for supply chains and logistics, said that the centre’s main objective is to “provide investment opportunities, education and vocational training to the stakeholders of the businesses applying blockchain technology”.

He added that the blockchain technology which is used to create a highly secure online ledger system, promises to decrease the transaction costs for businesses by cutting down the financial intermediaries which are otherwise necessary to avoid security risks.

Kadin and the forum purportedly invested US $10,000 and $20,000 in the past week to start off the centre, BAF founder Vincent Choy informed The Jakarta Post.

He further said that, apart from funding, Kadin would encourage the venture by promoting it among Indonesian industries whole BAF will provide it trainers and course materials

“Basically, we are partnering with the Singapore Management University to deliver courses here in Indonesia, as well as inviting people to come to Singapore to learn more about blockchain technology through study tours,” he said.

Rico said that the Chamber of Commerce would promote blockchain technology as long as businessman Rosan Roeslaniremained chairmanof Kadin. Theywould not only continue sponsoring the projectbut also “more concrete programs that can meet the substantial needs of small and medium enterprises”.