Diverse applications of blockchain technology

SGGP 01/06/2023 08:44

The application of blockchain technology is becoming increasingly popular among Vietnamese businesses. This technology does not require supporting industries; it only needs a large and skilled workforce of programmers, a factor in which Vietnam has a significant advantage.

The Vietnam Software and IT Services Association and the Vietnam Blockchain Association held a press conference to announce the Vietnam Blockchain Summit 2023.

Many domestic businesses are applying it.

According to Mr. Hoang Van Huay, Chairman of the Vietnam Blockchain Association, the association has made significant contributions by widely popularizing this technology among businesses and the technology community nationwide. Technology companies are contributing to promoting blockchain human resource training for key sectors, especially universities; and promoting the application of blockchain in economic and technical fields. A prime example is the MeInvoice.vn electronic invoice software from Misa Company, which applies blockchain technology to ensure safety, security, and prevent invoice forgery. The blockchain technology on MeInvoice.vn is understood as a ledger, recording the entire status and updating complete information about invoices so that all participating parties can check and verify the information. "Immediately after its launch, MeInvoice.vn was well received and positively evaluated by Vietnamese businesses," said Mr. Nguyen Minh Tuan, Deputy General Director of Misa Joint Stock Company. For example, the Cốc Cốc browser and search engine, in collaboration with KardiaChain, has developed a non-custodial digital wallet integrated into the browser to promote the application of blockchain and Web3. Accordingly, the Cốc Cốc search engine will integrate a blockchain wallet module into its entire Cốc Cốc browser product across PC, MAC, iOS, and Android platforms, helping users manage their private keys more securely.

Blockchain has also been applied by many domestic businesses in various fields, such as FPT developing the akaChain platform for customer identification and transaction traceability; Viettel applying it to electronic medical records; and banks like BIDV , MB, VPBank, and Vietcombank applying it in financial transactions. According to Mr. Mai Duy Quang, Vice President of the Vietnam Software and Information Technology Services Association (VINASA), the application of blockchain is currently quite diverse, but most are still in the testing phase. While not a "magic wand," blockchain will have many impacts and will be an important component in the application of technology to various fields and industries.

Complete the legal framework and policies as soon as possible.

Blockchain technology is being chosen by many countries as a technology aimed at economic development. Technology corporations both domestically and internationally assess Vietnam as a leading market for blockchain technology adoption and development, with over 10 startups based on this technology having a market capitalization exceeding $100 million. Experts predict the Vietnamese blockchain market will reach a value of nearly $2.5 billion by 2026, with diverse applications across many sectors.

Specifically, in the field of education, detecting whether a diploma is genuine or fake is quite easy with blockchain applications; in internal business management, applying this technology helps to know exactly what employees are doing and how effective they are. In the field of digital signatures, blockchain applications contribute to limiting fraud when sending online documents, especially combating email scams… “Depending on the industry and the task, blockchain can be applied to different stages, and it ensures objectivity as there can be no interference from a third party. This is the greatest value that blockchain technology brings,” Mr. Mai Duy Quang shared.

One of the major challenges to developing blockchain technology domestically is the lack of a clear legal framework for this field. This is a significant obstacle to its development. At the event celebrating the first anniversary of the Vietnam Blockchain Association, Deputy Minister of Science and Technology Tran Van Tung suggested that the association should research, propose, and advise state management agencies to expedite the completion of the legal framework for blockchain, promoting the development of this industry; implement policies to support the application of blockchain technology in building large databases to serve digital transformation; train a blockchain workforce with the same level of expertise as experts worldwide; and create a blockchain network connecting domestic and international stakeholders, especially in the startup sector.

Blockchain is prioritized for research, development, and application to proactively participate in the Fourth Industrial Revolution, according to Decision No. 2117/QD-TTg dated December 16, 2020, of the Prime Minister. The Ministry of Science and Technology has also approved the National Key Science and Technology Program for the period up to 2025, in which blockchain technology ranks second after artificial intelligence (AI) among key technologies. Blockchain has gradually become a pillar of technology in Vietnam with many attractive applications such as a platform for storing diplomas in the field of education; letters of credit, contract guarantees, and payments in the banking sector. Therefore, blockchain is gradually being understood as a technology, not cryptocurrency as previously mistakenly believed.

Source: https://www.sggp.org.vn/da-dang-ung-dung-cong-nghe-blockchain-post691961.html