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Blockchain develops the digital economy.

   Governments, organizations and large enterprises in many countries are actively “racing” to capture and take advantage of new technologies such as Blockchain, artificial intelligence (AI)… Vietnam with its human resource base Smart and industrious is a great advantage to develop this field, creating momentum for the digital economy.

Currently, many countries around the world have begun to promote the use of digital transactions through blockchain technology (Blockchain) in many fields such as banking services, industrial production, energy, agriculture. Industry, healthcare, retail and consumer… In particular, Blockchain can be applied to serve the public sector.

For instance, Singapore is emerging as one of the world’s largest research sites on the widespread use of Blockchain technology across industries.

Duc Tran, Professor of Computer Science at the University of Massachusetts (Boston, USA) said that China is also a country that is putting efforts to develop Blockchain, such as investing billions of dollars in Blockchain research and paying a lot of money. Patent on Blockchain, with the desire to become the world’s No. 1 country in Blockchain technology…

In Vietnam, many provinces and cities are promoting the use of Blockchain such as: TP. Ho Chi Minh City is applying Blockchain to better organize business activities in the fields of energy, transportation and urban development.

Similarly, City. Da Nang applies Blockchain in implementing digital transformation solutions, building smart cities, creating many jobs, bringing many conveniences to people.

Meanwhile, Blockchain application not only accelerates digital transformation, proactively with the 4th technology revolution, but also creates many jobs. It is expected that by 2030, Blockchain will create 40 million jobs, 10% – 20% of the global economic infrastructure will run on Blockchain technology systems.

However, this technology is also producing many virtual currencies such as Bitcoin (also known as digital currency, cryptocurrency). For the most part, governments do not recognize virtual currencies as a currency and are not regulated as a legal payment method. The fact that individuals and organizations transact in Bitcoin with each other, or trade on international exchanges, is only personal or local, but the Government dedicates a non-refundable support and investment to the public companies. Blockchain development company.

“The governments of some countries have perfected the legal framework for Blockchain after realizing the superior features of the technology,” said Mr.

Dr. Nguyen Tri Hieu, a finance-banking expert, said that the country’s development plan for the period 2035-2045 also emphasizes the goal of Vietnam becoming a digital economy, and to achieve this goal it is necessary to using Blockchain technology. “In the economy, even in the banking sector, only a few banks are eligible. Many banks have not seen Blockchain create commercial value for them,” said Mr. Hieu.

According to this expert, the SBV should use Blockchain for the credit information system of the Vietnam National Credit Information Center (CIC). Blockchain will be used when many people share data, update data, need authentication features, complex authentication solutions, fast transactions and involve many people…

Regarding the development trend of Blockchain, this expert said, Blockchain is a computing technology that helps to store and transact with information securely (without fear of loss or modification), transparently (easily identify verification, retrieval), 100% absolute trust (users can be assured of transactions, no need for a third intermediary to guarantee).

“Currently, Blockchain along with artificial intelligence is a tool to bring Vietnam into a digital economy,” said Mr. Hieu.

Discussing the possibility of Blockchain development in Vietnam, experts said that smart and hardworking human resources are a great strength. Therefore, Vietnam needs to have training and certification institutions on Blockchain to initially create an ecosystem for this technology.

In addition, there should be an open mechanism to attract investment capital, especially in the banking and healthcare sectors. However, to do that, it is necessary to soon have a favorable legal framework for Blockchain application enterprises to develop.

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