Blockchain becoming more popular in Vietnam

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Blockchain is a growing list of records, called blocks, which are linked and secured with cryptography. Each block typically contains a hash pointer as a link to a previous block. These all allow blockchain to become technology that ensures security and safety. 

The first blockchain system was realized in 2008, and in 2009, it became the core component of bitcoin, the cryptocurrency, which serves as a ledger for every transaction. 

Illustrative image. (Photo: Vietnamnet)

The application potential of blockchain are believed to be extremely large and can be present in many aspects of people’s lives. 

One of the typical applications of blockchain, according to The Economist, was Honduras administration’s decision to develop blockchain for its land and house registration system.

Nguyen The Trung, CEO of DTT Group, said DTT is using big data and blockchain technologies to observe the process of developing government administration capabilities in localities and branches. 

Blockchain is applied by DTT to authenticate government transactions, especially ones in healthcare and electronic records.

“In the future, citizens won’t have to re-submit any documents they submitted once in the past at anywhere in Vietnam. Blockchain is extremely appropriate to realize the vision,” Trung said.

On January 12, the US-based HI-TEK inaugurated One-Stop-Shopping, a global tourist website system via travel.vn, hotels.vn, vietnamesevisa.com portals and a website specifically reserved for members at prebook.com.

HI-TEK applies blockchain technology to book rooms and air tickets online which can connect 800,000 hotels and provide 150,000 flights all over the world and apply for visas to Vietnam online.

Blockchain was also one of the technologies that FPT Group and Daiwa Institute of Research (DIR) agreed to use to develop new technological solutions. The technologies include AI, RPA (robotic process automation), real-time image & data recognition and blockchain.

Scientists also understand the weak points of blockchain. According to Kendrick Nguyen, the co-founder of Republic, said though blockchain has high security level, it may still make a mistake if more than a half of computers serving the network ‘tell lies’.

Meanwhile, Long Vuong, CEO of Tomocoin.io commented that slow speed is a weak point of blockchain lies. With current bitcoin transactions, only seven transactions can be carried out concurrently every second. The price of every transaction is 0.2 dollar and one transaction can contain 80 bytes of data.

However, blockchain has characteristics which will allow it to become a future technology platform on the Internet.

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