Dang Hoang Hai, director of Vietnam E-Commerce and Digital Economy Agency (VECITA) under the Ministry of Industry and Trade (Photo: VNA)Hanoi (VNA) – Blockchain could play animportant role in building the digital economy and improving the efficiency ofsome fields that Vietnam is still weak such as logistics services and product origintrace.
The technology is also able to back the buildingof an e-government in Vietnam, said Dang Hoang Hai, director of VietnamE-Commerce and Digital Economy Agency (VECITA) under the Ministry of Industryand Trade, at the Vietnam Blockchain Summit 2018 in Hanoi on June 8.
A block chain is a continuously growing list ofrecords, called blocks, which are linked and secured using cryptography, thuseffectively preventing data modifications, he said.
Director of the Infinity Blockchain Lab (IBL) DoVan Long said blockchain is designed to withstand data changes.
Blockchain is expected to create socio-economicbreakthroughs, transactional and data-related activities that requiretransparency, information sharing and security, he said.
It could be applied in various fields such aslogistics services, trace of origin of products, and the building of the e-government.
Production, processing and distributionfacilities as well as State agencies and organisations involving in agro-foodproduction and trading in Vietnam should tap potential of this technology todevelop effectively in the future, he suggested.
According to analysts, the global blockchaintechnology market in 2024 is expected to increase 70 times compared to 2015’swith a value of up to 20 billion USD.
By 2025, up to 10 percent of global GDP will bestored on blockchain platforms.
Vietnam isnow one of the fastest-growing economies, fuelled by growing young populationwith a high rate of smart phone usage and large batches of IT graduates eachyear. In Southeast Asia, Vietnam has been dubbed “the Blockchain country towatch” thanks to the country’s high-tech literacy and abundant engineeringresources.
Some businesses such as Viettel, Napas, and TMA Solutions are deployingresearch teams or implementing blockchain trial projects.
The Government has also issued a decisionapproving the scheme on completing the legal framework for managing virtualproperty, electronic currencies and virtual currencies.-VNA
VNA
