Blockchain boosts development of digital economy in Vietnam: experts

Friday, 2018-06-08 16:49:33
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Experts at the summit discuss blockchain and its application in Vietnam.
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NDO – Blockchain technology would significantly contribute to building the digital economy and boosting the fourth Industrial Revolution, as well as helping to improve the efficiency of several “weak” areas in the Vietnamese economy, such as logistics and traceability.

The statement was among the noteworthy remarks at the Vietnam Blockchain Summit 2018, co-hosted by the E-commerce and Digital Economy Department (Ministry of Industry and Trade) and the Vietnam E-commerce Association (VECOM), in Hanoi on June 8.

Dang Hoang Hai, Head of the Ministry of Industry and Trade’s Department, said that blockchain is a continuous series of information blocks, using encryption technology to link and secure, thereby effectively combating data modifications.

In addition to supporting Vietnam’s digital economy and improving certain weak areas in the economy, blockchain is also an effective assistance for e-government deployment. However, blockchain is only known in Vietnam with regards to cryptocurrency but its application is much bigger, Hai added, saying that it is necessary to develop good and effective blockchain application products to boost the technology in a sustainable and effective manner in Vietnam.

Do Van Long, Director at Infinity Blockchain Lab (IBL), said that blockchain promises to make a breakthrough in socio-economic development, with highly feasibility in transactions and data-intensive activities that require transparency and information safety.

With the efforts made by the State, the expert community and businesses in researching blockchain it is expected that by 2020, in parallel with the official blockchain projects around the world, Vietnam would also witness a breakthrough in this technology like the birth of the Internet before, added Long.

Bui Minh Can, Vice Director of My Xuong Mango Cooperative, shared about the effective application of blockchain technology in the traceability of agricultural products at his cooperative, after collaborating with IBL to put each blockchain segment on the identity stamps of mangoes.

The blockchain management system will be triggered, providing necessary information related to the mango cultivation process and the information cannot be changed. The stamps are very difficult to fake. Consumers will be pleased that by simply using a smartphone to scan the identifier on the mango’s stamp they will be able to get information on the fruit origin, harvest time and the best time to eat, Can emphasised.

Nguyen Thanh Hung, Chairman of the VECOM, said that his association has recommended that Vietnam’s authorities accelerate the research and application of blockchain technology in all economic fields, considering it as one of the fundamental technologies for the digital economy.

According to analysts, the global blockchain technology market in 2024 is expected to increase 70 times compared to 2015, with a value of US$20 billion. In Vietnam, businesses such as Viettel, Napas and TMA Solutions are starting to deploy research teams or blockchain trial projects.