Challenges of enterprise blockchain need to face

 Vietnamese businesses have not been able to catch up with the blockchain wave because of challenges from practical applications, first of all the lack of human resources, according to the leader of the Blockchain Association.



"10 years is a long enough time to make big changes in the technology industry, but it takes more time to invest in people and transform society," said Van Hien, General Secretary of the Association. Blockchain shared at the Workshop "International experience on blockchain technology development and recommendations for Vietnam" taking place on August 5 at the National Assembly Building, Hanoi.

When there are not enough people knowledgeable about blockchain technology, Vietnamese enterprises cannot build large-scale systems like foreign ones. But even in the US, labor shortages are still a headache for employers. Statistics from the social networking site LinkedIn show that the keyword "blockchain" in job postings in the US increased by 615% from August 2020 to August 2021.

The second challenge comes from the lack of infrastructure providers. Teams in Vietnam often focus on developing apps instead of developing blockchain platforms. Some businesses that are not specialized in technology or lack of human resources will have difficulty entering this market because there are no available platforms for them to participate in building. The process of transitioning from a centralized system to a decentralized system requires a lot of steps, consuming time, money and human effort. But not every company accepts such a big risk.

Blockchain Association was established in May. Photo:
Blockchain Association was established in May. Photo: VBA

According to CB Insights, in the world there are several blockchain platforms for businesses to use, among them, Hyperledger Fabric is the most preferred public blockchain network with 26% of enterprises using it, followed by Ethereum accounting for 18% and then Quorum for 11%.

In addition to the lack of infrastructure, Vietnamese businesses also face many policy problems because there is no specific legal framework on issues surrounding blockchain technology such as capital mobilization, virtual assets, etc. which is a common concern of businesses. According to a survey by auditing firm Deloitte, up to 63% of businesses in the US think that the legal framework is a barrier that makes them afraid to apply blockchain, even though the US is a country with an open attitude to blockchain. blockchain and states in the US have actively facilitated attracting businesses to enter this market.

But the biggest challenge is probably the level of readiness of Vietnamese people's IT skills in general is still limited. The General Secretary of the Blockchain Association said that the reason is that there are no popular activities, education to raise awareness for people and the habit of using technology of most Vietnamese is still arbitrary.

Although blockchain has the advantage of high security, it is difficult to hack, but the disadvantage of this technology is that it is impossible to recover personal data once a user forgets the private key to open an account. If blockchain is widely applied in life, each citizen must be responsible for their own data. That requires people to raise awareness to protect their personal data safely, to avoid forgetting passwords or revealing private keys to others.

"In Vietnam, there is still a lack of programs to disseminate knowledge to change people's habits of interacting with technology. Digital society needs digital citizens. Blockchain only works best when people know how to do it. own technology and use it properly," shared Ms. Van Hien.

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