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New blockchain pact targets Indonesian banking

New blockchain pact targets Indonesian banking

Horizon State, a token-based blockchain voting platform, has entered into a partnership with two other fintech firms in Indonesia – Morgan DeVere and MCV-CAP - in a bid to promote financial inclusiveness.

MCV-CAP will be the first partner to integrate services on the Horizon State platform, providing smart wallet technology and digital banking facilities.

Founded by Austrian businessman Egon Putzi, MCV-CAP wants to create the ‘world’s largest blockchain bank’ and make cryptocurrencies a part of daily life.

It aims to provide accessible banking facilities that focus on unbanked or communities where fees and other elements have traditionally made it difficult for people to access and make use of financial services.

The Horizon State platform - a mobile application - will provide digital services through systems that enable people to participate in decision-making processes as well.

The blockchain will record each viewpoint of a participant, and a consensus algorithm will aid communities arrive at a consensus on issues. Morgan DeVere, a financial consulting firm, advised on how to localise the systems to Indonesia.

The company declined to provide further comment on the status of talks with government agencies and banks.

Endorsed by Dr Marzuki Usman, former chairman of the Jakarta Stock Exchange, the platform is expected to be implemented and rolled out in multiple stages during 2018.

Dr. Usman sees the partnership as a significant step forward in promoting citizen engagement through the adoption of technology for promoting pluralism and participation.

Horizon State’s blockchain voting system that has been in use since February 2017 for a political movement called MiVote in Australia. The platform is essentially a digital ballot box that can be used to conduct votes quickly, secured using blockchain technology.

The MiVote website and application serves as a platform to educate voters and help them choose from a range of policy options to provide a pool of citizen votes on democratic processes through blockchain, with the aim to get senators elected based on the direction set by voters.

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