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.

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