October 31, 2020

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Vietnam blockchain platform debuts to assist digital transformation

The Ministry of Information and Communications (MIC) recently debuted the akaChain blockchain platform, as part of a program introducing Make-in-Vietnam digital platforms.

The akaChain, developed by Vietnam’s largest tech firm, supports enterprises in quickly building their business network systems and distributed applications using blockchain technology. It shortens the time spent on several tasks like electronic-know your customer (eKYC), credit scoring, customer loyalty programs, and origin tracing. Soon, it will be further developed for strengthened security and transparency.

The Deputy Minister of Information and Communications, Nguyen Thanh Hung, said despite being established in 2018 the platform has already become popular. He named several of its successful users from manufacturing, insurance and banking. The official took the occasion to call on digital firms to continue investing in the research and development of advanced technologies of the fourth industrial revolution, adding that it will help Vietnam catch up with the latest developments in the world and complete its national digital transition.

The introduction of Make-in-Vietnam platforms is part of the national digital transition program toward 2025 approved by the Prime Minister. Calling Vietnamese enterprises to continue investing in research of advanced technologies.  Invented in 2008, blockchain technology has been developed and improved to become one of the biggest breakthrough technologies with the potential to greatly affect every industry and occupation, from finance to production, business, and education.

The MIC’s Deputy Minister, Nguyen Thanh Hung, noted that many countries are interested in blockchain and have issued related policies that create favourable environments to promote and develop the technology. Several state agencies around the world have plans to invest in blockchain to manage financial transactions, assets, contracts, and institutional compliance in the coming years.

In Vietnam, early research and application of this technology will be an opportunity for the country to actively keep pace with the development of the global economy.  With the great potential of blockchain, it is likely that soon these technical applications will dramatically transform lives.

MIC praised FPT for advancing into this new field, creating a blockchain technology platform to help Vietnamese businesses be ready to integrate with the development of the economy, finance,  and technology in the future. MIC called on digital technology businesses to continue investing in research of new technologies of the fourth industrial revolution so that Vietnam can keep up with the latest development trends of the world and complete the target of the national digital transformation plan, the Deputy Minister said.

MIC will also focus on database sharing between management agencies at both central and local levels, as it is key to the process of developing e-government. The organization is compiling an e-government development strategy, which serves as a pillar in Vietnam’s socio-economic development model, as OpenGov reported earlier. Under the draft strategy, which has been made public for comments, the development of e-government will be associated with the process of digital transformation, smart urban development, and ensuring network safety and security. Accordingly, all operations of state management will be digitalised to lead the national digitalisation process.