Leaving 2022’s difficulties behind, the year 2023 is expected to be the time for the blockchain market to expand.  

The World Trade Organization believes that blockchain could create a revolution in global trade. The organization points out that the technology can reduce trade costs thanks to the automation of manual processes. 

Blockchain is also tamper-proof as all modifications are publicly and transparently recorded.

Hoang Van Huay, chair of the Vietnam Blockchain Association and former Deputy Minister of Science and Technology, said at a seminar that blockchain acts as a decentralized electronic ledger that stores information in a transparent way between parties, so the information cannot be tampered with. It is an effective tool for the development of the digital economy.

Do Ngoc Minh from the Hanoi National University said Visa has used blockchain to develop a digital economy since 2019, while French Carrefour Massy supermarket chain has used it to monitor the supply chain. Products such as chicken eggs from farms and Norway salmon have QR codes for easy traceability.

Similarly, Walmart, the giant US retail chain, has used the technology to supervise nearly 500 products, including seafood, meat and coffee.

Nguyen Quang Thong from Nam A Bank said the appearance of smart contracts and loyalty point systems using blockchain will create considerable changes in banks’ ways of caring for customers.

Blockchain has been used in many fields in Vietnam for a few years.

The Vietnamese startup Moonka once offered to sell some houses in Can Gio, HCM City and Bao Loc in Lam Dong using the technology. This was the first time that real estate in Vietnam was offered under a completely new method.

The difference of utilizing blockchain in the real estate sector is that one house or one land plot now can be divided into small pieces. Investors can possess parts of real estates with just $100, or even smaller value.

The organizers of Miss Charm 2022 beauty contest used blockchain in the voting process to ensure the accuracy.

Phan Duc Nhat, CEO of BHO Network, said that blockchain allows Genetica to provide GeneNFT service, helping Vietnamese people possess their gene decoding under the form of digital assets.

Trong Dat