Blockchain-Based Microfinance and Remittance Systems for Indonesian Maritime Workforce Financial Inclusion

Abstract

Indonesian maritime workers face substantial financial exclusion as 68% lack formal banking relationships, relying on informal remittance channels charging 8-15% fees, predatory lending at 120-180% annual interest, and cash-based transactions limiting wealth accumulation and economic mobility despite generating $1.8 billion annual remittances. This research presents the design and validation of blockchain-based financial inclusion platforms enabling low-cost digital remittances, transparent microfinance, and secure savings mechanisms specifically addressing maritime community needs at STIP Jakarta and surrounding seafarer populations. Employing design science research methodology with qualitative stakeholder evaluation, the study engaged maritime workers (n=18), financial service providers (n=10), and community leaders (n=8) through structured interviews examining platform utility, trust perceptions, and adoption barriers. The Ethereum-based distributed ledger architecture deployed smart contracts automating remittance transfers, peer-to-peer lending, and savings group management while maintaining regulatory compliance with Indonesian financial regulations. Thematic analysis revealed strong support for blockchain financial services, identifying critical themes of cost reduction, transparency enhancement, and financial literacy empowerment. Pilot implementation with 240 maritime workers demonstrated 89% reduction in remittance costs (from $47 to $5 per $500 transfer), 94% improvement in lending transparency, and 67% increase in formal savings participation, contributing validated blockchain architectures and empirical evidence supporting decentralized financial inclusion addressing blue economy workforce economic empowerment and poverty reduction objectives in Indonesian maritime communities.