'Vietnamese businesses need to actively recognize the potential of Blockchain'

 Immutability, transparency and autonomy are three features of Blockchain that help businesses solve the problem of transaction, transmission, and data storage methods.


That is the comment of Ms. Nguyen Van Hien, General Secretary of Vietnam Blockchain Association at the Conference on International Experiences in Blockchain Technology Development and Recommendations for Vietnam at the National Assembly Building on August 5. .

Blockchain will change business

The Internet has greatly improved the flow of data within and between organizations, but with the age of globalisation, business is somewhat more limited than before. That's because the internet is designed to move information - not value - from person to person. For example, when sending a document, photo or audio file by email, we are not sending the original, we are sending a copy. Anyone can copy and change it. In many cases, it is legal and beneficial to share copies.

"What if there was another internet that could create a secure platform, or database where buyers and sellers could store and exchange value without the need for traditional intermediaries? ?", this is a question asked by many experts. And this is also what blockchain technology will offer businesses. Conceptually, blockchain can be understood as a database with basic characteristics such as decentralization, security (encryption), reliability, automation, and information disclosure.

Strategic units and have many contributions in the process of digital economy and national digital transformation. Photo: VBA
Strategic units and have many contributions in the process of digital economy and national digital transformation. Photo: VBA

Blockchain technology enables the creation of new ways of organizing economic activities, reducing the costs and time associated with intermediaries and strengthening trust in an ecosystem of participants.

In the healthcare industry, a blockchain-powered solution can provide a complete overview of a patient's medical history, leading to a significant advantage in the event of an emergency rather than having records stored at multiple centers. health care center or organization as it is today. Blockchain technology also ensures that data logging conforms to mutually agreed conditions, allowing central validators to be distributed.

Many benefits but full of challenges

2021 is considered a disaster year for the world economy when facing the Covid-19 epidemic, but it is a boom year for the blockchain sector. Blockchain emerges as a phenomenon in the overall picture of the world economy. Over the past year, the world's blockchain indexes have grown strongly. According to CB Insights (a global database and business analytics platform that provides market intelligence on private companies and investor activity), funding for the sector has also quadrupled. times in just one year, from $3.1 billion in the whole of 2020 to $15 billion in just the first nine months of 2021.

The finance and payments industry has seen many revolutions since the explosion of blockchain technology in 2018. With blockchain becoming more and more popular every day, businesses need to be aware of it. advantages and disadvantages that this industry brings.

Vice Chairman of the Committee for Foreign Affairs Nguyen Manh Tien delivered a concluding speech at the Workshop. Photo: VBA
Vice Chairman of the Committee for Foreign Affairs Nguyen Manh Tien delivered a concluding speech at the Workshop. Photo: VBA

Currently, the blockchain technology market is divided into two main branches. The first market is the direct application for the creation of digital assets; businesses will research and invent digital currencies and exchanges for these digital currencies. This marketplace allows holders to directly transact with each other as means of payment or to buy and sell different digital assets.

The second market is businesses that will integrate blockchain technology to upgrade existing information and data management systems. Through that, it is possible to deploy Blockchain technology application solutions to increase security, ensure the safety and transparency of transaction data on these information systems, and at the same time, bring to users. valuable information.

"When the production process needs to be smart to track production, inventory, distribution, quality, transaction information ... the application of blockchain to industries in the market is necessary. Because then, blockchain will replace old devices to grant management rights, improve efficiency and significantly increase business productivity," affirmed Ms. Nguyen Van Hien, General Secretary of Vietnam Blockchain Association.

“Facebook, IBM, JPMorgan, Walmart and Intel are just some of the major companies exploring enterprise blockchain and how this modern technology can be leveraged to improve transparency and optimize business operations. existing business," said Ms. Hien.

Most blockchain projects are built around three core attributes: decentralization, scalability, and security. Developers are constantly trying to balance these aspects, so that they are not compromised. Therefore, there will be a lot

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