SGGP 06/01/2023 08:44

The application of blockchain (database block chain) is now becoming popular with Vietnamese businesses. This technology does not require supporting industries, only a large and skilled programmer force, which is a factor that Vietnam has many advantages.

Vietnam Software and IT Services Association and Vietnam Blockchain Association hold press conference to announce Vietnam Blockchain Summit 2023

Many domestic enterprises apply

According to Mr. Hoang Van Huay, Chairman of the Vietnam Blockchain Association, the association has made great contributions by popularizing this technology widely to businesses and the technology community across the country. Technology businesses are contributing to promoting blockchain human resource training for key industries, especially universities; promoting blockchain applications in economic and technical sectors... Typically, the electronic invoice software MeInvoice.vn of Misa Company has applied blockchain technology to ensure safety, security and prevent counterfeiting of invoices. Blockchain technology on MeInvoice.vn is understood as a ledger, recording the entire status, fully updating information about invoices so that all parties involved can check and verify the information. "Immediately after its launch, MeInvoice.vn was welcomed and positively evaluated by Vietnamese businesses," said Mr. Nguyen Minh Tuan, Deputy General Director of Misa Joint Stock Company. Or, the browser and search engine Coc Coc and KardiaChain have developed a non-custodial e-wallet integrated into the browser to promote the application of blockchain and Web3. Accordingly, the search engine Coc Coc will integrate the blockchain wallet module into all Coc Coc browser products on PC, MAC, iOS and Android platforms... to help users manage their private key chains more securely.

Blockchain has also been applied by many domestic enterprises in many other fields, such as FPT developing the akaChain platform to identify customers and trace the origin of transactions; Viettel applying it to electronic medical records; BIDV, MB, VPBank, 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 of it is only in the testing phase. Not a "magic wand", however, blockchain will have many impacts, being an important component in the application of technology in many fields and industries.

Complete legal policies soon

Blockchain technology is being chosen by many countries as a technology aimed at economic development. Domestic and foreign technology corporations assess that Vietnam is considered a leading market in receiving and developing blockchain technology with more than 10 startups based on this technology with a capitalization of more than 100 million USD. Experts expect the Vietnamese blockchain market to reach a value of nearly 2.5 billion USD by 2026 with diverse forms of application in many fields.

Specifically, in the field of education, detecting a real or fake degree is quite easy with blockchain application; in internal corporate management, if this technology is applied, it helps to know clearly what employees are doing and how effective they are. Particularly in the field of digital signatures, blockchain application contributes to limiting fraud when sending documents online, especially against email fraud methods... "Depending on the industry and task, blockchain can be applied to different stages and it ensures objectivity when there can be no third-party intervention. This is the greatest value that blockchain technology brings", Mr. Mai Duy Quang shared.

One of the major challenges to developing blockchain technology in the country is that there is still no clear legal basis for this field. That is one of the barriers to development. At the event celebrating the 1st anniversary of the establishment 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 soon complete the legal basis for blockchain, promote the development of this industry; have policies to support the application of blockchain technology in building large databases to serve digital transformation; train a team of blockchain human resources with qualifications and expertise equal to experts in the world; create a blockchain connection network at home and abroad, especially in the field of startups...