BLOCKCHAIN TECHNOLOGY IN INCREASING TRANSPARENCY AND ACCOUNTABILITY OF SAVINGS AND LOAN COOPERATIVES IN INDONESIA

Abstract

This study explores the role of blockchain technology in increasing transparency and accountability in cooperatives that save and borrow in Indonesia. The decentralized and secure nature of blockchain technology provides a powerful solution to enhance trust and ensure the verification of financial transactions in cooperatives. Using a qualitative case study approach, data is collected through interviews, observations, and document analysis on several cooperatives that have adopted or considered adopting blockchain. Findings show that blockchain enables real-time transaction recording that is durable and resistant to manipulation, making it accessible to all members and thereby significantly increasing transparency and accountability in cooperative management. However, challenges related to technology literacy and the costs of initial implementation still exist. This study contributes to the theoretical understanding of blockchain applications in financial management for cooperatives and provides practical insights for cooperative managers and policymakers. The research emphasizes the importance of technology education for cooperative members to support effective blockchain adoption. Furthermore, it suggests expanding the analysis of the long-term impacts and applications of blockchain in various cooperative sectors Indonesia.