How are Blockchain changing Vietnam industries?
Why is blockchain capable of change?
Due to its efficiency (increasing transaction speed), authentication (right to confirm transactions) and transparency (information in block is only available to users), blockchain technology is considered to be radically changing the operation of many industries today. It was first introduced to the world in 2008 and has tended to develop in Vietnam since 2018. In the system’s transaction procedure, all data is encrypted into blocks and concatenated into a secure chain.
So In what areas specifically does blockchain lead the way it operates?
Logistic
In Vietnam, blockchain technology has significantly impacted and changed the operation method of a number of fields. Thanks to blockchain’s transparency,
customers can trace and verify the origin of products during the supply and delivery of goods. Previously, this information was frequently stored in traditional ledgers, which contained inconsistent and discontinuous data. Blockchain enables all information to reach customers efficiently, from the manufacturing to finished product process.
2, Real Estate Market
In the real estate sector, large value transactions often take time, cost and documentation to complete, which has a negative impact on market liquidity and transparency. From that view, blockchain handles this problem by digitizing with its own code, reducing time and expenses while enhancing transaction security.
3, Fintech
Moreover, financial and banking transactions have made a remarkable change as a result of this technology. One of the applications of blockchain in this field is the function of identifying customers based on distributed ledger. Hence, they can conduct online transactions (such as lending credit or capital funding requests) while maintaining high levels of information security, instead of face-to-face transactions.
4, Healthcare services
With the application of this technology, healthcare services have had a positive change when it can provide an effective solution in the management of the pharmaceutical supply chain and be able to trace the origin of the drug to avoid counterfeiting.
The advantages of blockchain’s data security and transparency enable both doctors and patients to access health information in electronic health records which depend on the level of content access right. Compared with manual updating, blockchain technology can prevent the risk of patient data leakage because of unchangeable information.
Trends:
If the goal of the 4.0 technology era in Vietnam is to use cut-edging technology to best serve human needs, blockchain will be the key to set a foundation that contributes to positive impact in many fields. In the future, blockchain is expected to continue to gain traction in areas such as education (storing/looking/ looking up the origins of diplomas) and tourism (booking hotels, air tickets), as well as in the gaming industry with new play models.
If you’re intrigued by reading this article and want to apply Blockchain Technology for your business, let’s visit us on the website Rikkeisoft.
To read more technology blogs, dig into our blog.
More From Blog

December 3, 2023
Top 7 Mobile App Data Analysis Tools for 2023. How to Choose the Right Tool?
Help organizations and individuals understand and leverage information from data to make informed decisions, improve performance, and drive progress in various fields. This is of significant importance in ensuring success and competitiveness in today’s business and societal environments. To choose which tool is right for your business? Following this article below. Why is mobile app […]

November 30, 2023
Data Analytics Best Practices – Top 15 Tried-And-True Methods
Data analytics, the process of examining and interpreting data to make more strategically guided decisions, plays a pivotal role in fields as diverse as business, healthcare, finance, and scientific research. It’s crucial to follow data analytics best practices that enhance the quality of analysis and drive better outcomes. What Is Data Analytics? How Important Is […]

November 27, 2023
Data-Driven Business Strategy: Using Analytics to Drive Growth
Organizations today have more data at their fingertips than ever before. But many struggle to actually make full use of it to inform business strategies and decisions. Adopting a data-driven approach is key to remaining competitive and unlocking growth in the modern market. For companies new to using analytics, the idea of becoming a data-driven […]

November 26, 2023
Data Acquisition: The key to success in the digital economy
Data acquisition is a cornerstone of success in the digital economy. It empowers organizations to make data-driven decisions, gain a competitive edge, enhance customer experiences, and drive innovation. To thrive in the digital era, businesses must prioritize data acquisition as a strategic asset and invest in the necessary tools, talent, and processes to harness the […]

November 23, 2023
9 Business Intelligence Tools Comparison: Which One is for You?
Many businesses and organizations today are looking to deploy business intelligence (BI) tools, often for the first time. Without a clear understanding of key criteria, it’s easy to end up with a solution that doesn’t fully meet your needs. This business intelligence tools comparison article provides a comprehensive guide to discovering, comparing, and selecting the […]

November 20, 2023
Data-Driven Decision Making: How It Benefits Your Business
Data-driven decision making (DDDM) is a widely used approach in many fields of the industry. This process grants businesses the power to gain real-life insights based on accurate and relevant data, ultimately making informed decisions. The following article will shed light on DDDM so that your business can better benefit from it. What Is Data-Driven […]