return icon Vietnamnet.vn

Blockchain technology vital in building smart city

HCM City plans to develop a regulatory framework and policies associated with blockchain technology to minimise potential risks in building a smart...

 

Le Bich Loan, acting head of the Saigon Hi-Tech Park’s board of management (left), at the signing of an MoU between the incubator centre and South Korea’s CBA Ventures last Friday in HCM City. 

 

HCM City plans to develop a regulatory framework and policies associated with blockchain technology to minimise potential risks in building a smart city, a top city official has said.

Tran Vinh Tuyen, vice chairman of the city’s People’s Committee, said: “The city will give top priorities to projects that apply science and technology, especially the use of artificial intelligence (AI) in solving the city’s problems and for smart urban development.”

Speaking at Saigon Hi-tech Park’s annual conference last Friday, Tuyen said the city would work with agencies to build a roadmap for the application of blockchain in the country.

In addition, the Ministry of Science and Technology will give priority to blockchain start-ups through a new project called “Support a National Innovative Start-up Ecosystem by 2025,” he said.

Vo Thi Trung Trinh, deputy director of the city’s Department of Information and Communications, said that blockchain could be used in public services and urban management.

To build a smart city, the city needs technology-based solutions to build a digital government, she added.

Le Bich Loan, acting head of the Saigon Hi-Tech Park’s board of management, said that blockchain technology appeared around 2008 after the global financial crisis of the Lehman Brothers’ investment bank in the US.

“The invention of blockchain has made financial transaction systems more efficient, transparent and simpler since online payments can be sent directly from one party to another without going through any intermediary organisations such as financial institutions, commercial banks or central banks.”

Blockchain initially was developed as open-source software to secure a decentralised financial transaction process for cryptocurrency like bitcoin, which differs from the traditional centralised process controlled by central banking systems, she said.

After a decade of development, blockchain can now be used to build a secure communication platform for smart cities, providing better public services and optimal utilisation of available resources, including e-government, urban transportation, and infrastructure needs.

During the event, the management board of the High-tech Park and HD KING Technology World Co. Ltd. signed a Memorandum of Understanding (MoU) to promote blockchain technology and AI to support the development of HCM City’s smart-city plans.

In addition, the incubator centre signed an MoU with South Korea’s CBA Ventures that will focus on technology transfer and human resource training in blockchain technology.

According to the Asia Blockchain Review, Viet Nam has become an emerging leader in the field of blockchain technology. More than 2,000 people attended the Viet Nam Blockchain Week Conference last year, indicating that a strong blockchain community is growing well in the country.

Viet Nam is among the world’s top 20 countries in terms of the number of internet users, social media users and smartphone users.

In addition, the young population, fast internet development, and increased number of e-payments are other factors that make Viet Nam favourable for blockchain technology.

However, challenges exist, including changing the resistance of companies and consumers to use newer technologies. The country also lacks a specific legal framework to supervise new tech-based business models such as lending, fintech and digital asset management.

A shortage of quality staff to develop products and services in artificial intelligence (AI), blockchain and big data exists in the country.

The Ministry of Science and Technology will give priority to blockchain start-ups through a new project called “Support a National Innovative Start-up Ecosystem by 2025,” according to Tuyen, vice chairman of the city People’s Committee.

To build a sustainable blockchain ecosystem, all major players including incubators, accelerators, and community building should be involved, experts said.

Viet Nam could emerge as one of the next blockchain hubs in Southeast Asia and across the globe, which would help attract foreign investment thanks to huge cryptocurrency transactions and a labour force with strong caliber, according to Forbes magazine.

Blockchain technology is a shared record of transactions that anyone can see or read. A locking method is employed to prevent any tampering by one party, which helps to make blockchain secure, according to experts.

The conference was attended by hundreds of local and international researchers, entrepreneurs, start-up representatives and managers in the field of blockchain. — VNS

Vietnam sees the possibilities of blockchain

Vietnam sees the possibilities of blockchain

Blockchain technology boasts substantial potential in a host of fields in Vietnam.

TPBank first bank to apply blockchain in money transfer

TPBank first bank to apply blockchain in money transfer

Tien Phong Commercial Joint Stock Bank (TPBank) has become the first Vietnamese bank to use blockchain technology for money transfers abroad.

MORE NEWS

VIETNAM BUSINESS NEWS NOVEMBER 26

Big supermarkets join Promotion Month 2022

Missosology picks locals contestant among Top 3 at Mister Grand International

Missosology, the world’s leading publication on beauty pageants, has named Vietnamese representative Vu Linh among its hot picks of the Top 3 currently participating in the Mister Grand International 2022 pageant.

HIV infections rise among people under 29

The number of young people catching HIV has seen an upward trend recently, with 50% of new cases being under the age of 29.

Three female scientists receive L’Oreal-UNESCO awards

Three female scientists were granted the 2022 L'Oreal-UNESCO awards at a ceremony in Hanoi on November 25.

Vietnam has two more named in Asia-Pacific documentary heritage list

Two heritage pieces of Vietnam were recognised as part of documentary heritage in Asia and the Pacific on November 26, at the 9th general meeting of the Memory of the World Committee for Asia and the Pacific.

VIETNAM NEWS HEADLINES NOVEMBER 26

NA Chairman Hue to visit Australia, New Zealand

Big firms absent from 'good governance' list

The list of companies recognized as having the best transparency and governance on the Hanoi Stock Exchange (HNX) doesn’t include many well-known names.

People must live in rooms of at least 8sq.m to register for permanent residence

The Hanoi People’s Council plans to require at least 8 sq m of living space in state-owned properties and 20 sq m in non-state owned properties for registered permanent residence.

80% of wind power projects operate at moderate level as tariff is unclear

Many wind power projects in Quang Tri are behind schedule because of unfavorable weather conditions, the impact of the Covid-19 pandemic, slow site clearance and an unclear tariff scheme.

Headmaster honored by Microsoft for last three years

Nguyen Thi Kim Dung, headmaster of Dong La Secondary School in Hoai Duc district in Hanoi has been honored as Microsoft Innovative Educator Expert - MIEE for three consecutive years.

High fertiliser prices and rising export demand help businesses earn more profits

A promising export market contributed positively to the sharp increase in profits of many fertiliser and chemical enterprises.

Short-lived legal documents cause a hindrance to firms

Many legal documents in Vietnam have been made in such a way that creates a great compliance burden on firms, according to insiders.

Energy demand to outpace supply in short term

Electricity demand has been growing steadily since 2021 and is expected to surpass domestic output in the short term.

Vietnam’s further evolving regulations and policies on energy

The last several months have been dynamic for the energy sector in Vietnam, with a number of key developments.

Digital platforms brought into life

Digital transformation is an inevitable trend today in the world and Vietnam with three main pillars: digital government, digital economy, and digital society.
back_to_top