Among key technologies of the fourth industrial revolution, blockchain is one of the breakthrough examples which is predicted to lead the revolution in the coming decades.

Head of the Party Central Committee’s Economic Commission Nguyen Van Binh spoke at the Blockchain Forum 2018 – Vision and Development in Ha Noi on Thursday.

"It can be seen that the fourth industrial revolution is fundamentally changing the world’s production, creating a powerful impact on all aspects of socio-economic life, leading to big changes in production methods and productive forces, " Binh said.

According to Binh, 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.

Binh also said that many countries are seriously considering, studying and putting policies into effect for the full development of blockchain.

Following global trends, Viet Nam needs to continue to monitor, encourage and promote the advantages of blockchain technology, as well as, studying and developing policies to minimise risks, said Binh.

Also speaking at the forum, Minister of Science and Technology Chu Ngoc Anh said the Blockchain Forum 2018 aimed to create an open space for discussion on potential and challenges, the development trend of blockchain technology through the sharing of international and domestic experts, comments from representatives of Vietnamese Government agencies and enterprises.

The forum is one of the official channels for the authorities, aiming to directly connect blockchain developers, enterprises applying the technology to management agencies to discuss, make recommendations and proposals to improve the legal framework for the technology, electronic money, and digital assets in the future, he added.

The minister also said they will deploy related works to support the application of blockchain technology in socio-economic fields.

These works include co-ordinating with ministries and agencies to study and develop plans for the application of blockchain; study the experiences of other countries, advise the Party and the State to promote and control the blockchain technology in Viet Nam; and support the development of blockchain technology through national-level science and technology programmes.

The Ministry of Science and Technology will prioritise supporting start-up enterprises to implement the project “Supporting the national innovative start-up ecosystem by 2025.”

The minister also asked the organising board of the Blockchain Forum 2018, especially online newspaper VnExpress, to set up online information channels and forums for information sharing as well as receiving policy recommendations from experts, scientists, enterprises and managers in and outside the country about the experiences and trend for blockchain development. — VNS