To make blockchain more accessible and more widely adopted, raising awareness of its potential through education, successful applications and having regulatory frameworks are crucial, according to experts at blockchain conference BUIDL Viet Nam 2022.
Viet Nam is a leading adopter of cryptocurrency in the world and has advantages in developing blockchain, it was noted at the global conference on blockchain held in HCM City on September 23 and 24.
Nguyen Hoang Long, CTO of blockchain platform Aura Network, told Viet Nam News that blockchain technology could store and process data in a transparent and decentralised manner, where stores of data are very resistant to alteration attempts.
While the technology is mostly being explored in the area of finance, organisations around the world are racing towards applying blockchain in new industries.
“Many Vietnamese businesses, universities and the government are looking into and testing out blockchain applications in many fields such as traceability and customer loyalty systems,” he said.
"While blockchain is still an unfamiliar topic to many people, more and more will realise its real benefits and potential when there are more widespread successful applications of the technology," he added.
He proposed that universities should educate students on blockchain, cryptocurrency and decentralised systems, even students in non-IT fields, to raise awareness of its potential.
Mai Duy Quang, a member of the Viet Nam Blockchain Association, said that Viet Nam lagged behind other countries in prior technology trends, but with regard to the blockchain, it had been home to many renowned, remarkable projects and developers.
“I think Viet Nam has a chance to be a pioneer in blockchain technology,” he added.
Nicole Nguyen, ASEAN deputy chairwoman of Global Impact Fintech Forum, said that for blockchain to be more accessible to the general public, blockchain programmes and applications needed to have better user interfaces to be more user-friendly.
There need to be better blockchain programmes that solve specific problems, according to Nguyen.
“The government should facilitate the development of blockchain programmes, and create regulatory frameworks for the technology. If the tech is acknowledged officially, more people will be more confident in investing in it,” she said.
Mai Duy Quang added that his association was also working with foreign partners to acquire solutions to detect and tackle fraudulent cases related to blockchain.
The conference was an opportunity for blockchain developers and engineers to network and discuss technical solutions. — VNS Photo Viet Dung
Decentralised storage
One of the biggest applications of blockchain is decentralised storage, which is a method of storage where data are stored across many different servers as opposed to only one server. Data stored this way are cryptographically encrypted with blockchain technology.
Pranshu Rastogi, Vice President of Engineering of Ethereum Push Notification Service project, said that only the original owner of a piece of data could access and view it, in addition to whoever the owner granted viewing access to.
One big benefit of this method compared to the traditional storage method is that if one server is shut down or suffers an attack, all of the data stored on the decentralised storage system are still safe.
This application is being used widely around the world, in many fields such as finance, hospital and local governments.
He did note that the user experience for decentralised storage systems still needed improvement, and that more awareness of this technology should be raised, especially through successful use cases.
During BUIDL Viet Nam 2022, business leaders and developers from all around the world discussed blockchain ecosystems, Web 3.0 and decentralised applications.
Attendees learned technical solutions in many areas such as programmes operating across many blockchains, creating better user interfaces, and decentralised storage.
Foreign and domestic developers and engineers also networked with one another to find potential partners.
The conference was held by KryptoSeoul, a leading community building and marketing team in Seoul, South Korea, focused on supporting global blockchain projects, and its sister brand KryptoVietnam, which is dedicated to growing the builder community in Viet Nam. — VNS