Vietnam’s big blockchain ambition: lead Southeast Asia’s digital economy by 2030.
Vietnam has taken a big step by launching NDAChain. This new national blockchain aims to modernize how the country manages its data and services. By doing so, Vietnam is among the key players, such as China and the European Union, which already possess national blockchain projects.
The special technology that NDAChain employs is known as zero-knowledge proof. This is because sensitive information can be safeguarded and the system can be open and trusted. Since the number of people in Vietnam is high and the country is rapidly moving towards digitalization, the necessity of a secure and intelligent method of managing data is increasing daily.
The Head of Technology of the National Data Association, Mr. Nguyen Huy, explained that the blockchain will serve as a protective layer for all live data in the country. In his opinion, Vietnam has selected an intelligent system, which is a mix of centralized and decentralized systems. This implies that the government will continue to store valuable data at a central location but also apply blockchain to keep and confirm that data.
Nowadays, centralized systems are prone to issues. As an illustration, they can be hacked, defrauded, and are expensive. NDAChain is planned to address these issues. It can aid in safeguarding personal data on identity, finances, medical, logistics, and education.
Blockchain is characterized by high security. It has unalterable records and enables individuals to verify facts easily. Due to this reason, an increasing number of governments are viewing blockchain as the foundation of contemporary digital services. With NDAChain, Vietnam hopes to reduce corruption and data leakage as well as gain trust among its citizens and enterprises.
The plan does not stop there. The government wants NDAChain to help the economy grow, too. One can utilize this blockchain in online shopping, online banking, and online public services. As an example, it can simplify the task of companies to know the origin of their goods. This minimizes fraud and enables businesses to trade securely within and without Vietnam. Besides, the smart contracts have the potential to assist businesses in conducting business with minimal paperwork and delays.
To achieve these objectives, some challenges will have to be addressed in Vietnam. The system should get along with old data systems, which are used in most of the offices. Additionally, the individuals will require training to enable them to understand how to use this new technology. Mr. Nguyen Huy added that the next big thing is to create special finance, healthcare, and supply chain tools. Vietnam will also collaborate with international partners to learn quickly and employ the finest ideas.
Other nations have so far experimented with using blockchain to accomplish smaller tasks, such as storing land registries or verifying food safety. However, Vietnam has something more in mind. It intends to incorporate blockchain as a primary component of the entire country. With the addition of solutions such as digital ID and artificial intelligence, Vietnam expects to operate services such as healthcare and finance more efficiently and securely.
Ultimately, NDAChain is more than a new technology. It illustrates the great ambition of Vietnam to be a leader in digital advancement in Southeast Asia by the year 2030. In case the project is successful, it may serve as an example to other countries wishing to utilize blockchain to do good.
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