Blockchain technology is a potential “diamond mine” for Viet Nam.

According to analysts, the global blockchain technology market is expected to increase 70 times in 2024 compared to 2015 with a value of US$20 billion.

In Viet Nam, businesses are starting to deploy research groups or pilot projects on blockchain including Viettel, Napas and TMA Solutions.

According to Vu Truong Ca, chairman of management board of LINA Network Corporation, blockchain technology is a potential “diamond mine” for Viet Nam.

He made the statement at a meeting with Government officials to discuss electric identification in State management last week.

Blockchain technology digitises quickly and securely. “We can totally share information peer-to-peer without the management from a third party. All information shared by users after being identified electronically by blockchain is considered as public documents on digital platform,” he said.

Blockchain is defined as the technology for storing and transmitting information and data by blocks linked together and expanded over time.

With its decentralised, transparent and high-security features, blockchain is evaluated as a revolutionary technology that drives change in the future and is applied in many areas such as finance, retail, logistics and telecommunications.

Ca discussed building an e-Government through blockchain by highlighting utilities such as business license registration or tax declaration in minutes, information security and cost-savings for State management.

Currently, most e-governments in the world are heading to a citizen centric trend. People just need to single sign on services through a one-stop shop to interact and use services from a 24/7 government, Ca said.

This process helps increase transparency, reduces costs, improves efficiency and reduces negative impacts, said Ca.

To exploit blockchain technology, three factors are important, Ca said.

Firstly, the State needs to ensure legal corridor issues so that electronic identification is at the highest level of privacy and confidentiality.

Secondly, to effectively apply blockchain, the tech community should develop on-site personnel, ensuring sufficient resources for the management and operation of digital governmental systems.

Last but not least, Ca said the development of a comprehensive government system needed consistency among the Government, ministries, businesses and people. — VNS