Top 6 Blockchain Applications in Vietnam

Blockchain has become a promising technology in many fields in Vietnam, especially in education, health, entertainment, manufacturing, state administration and banking. In particular, blockchain is not simply a data storage technology but also a means to verify and transact information in a secure, transparent and unalterable manner.

This technology has brought many important applications such as the creation of cryptocurrencies such as Bitcoin, Ethereum, Ripple… to promote the development of the digital economy. Let’s take a look at top 6 outstanding blockchain applications with BlockchainWork right now!

Mục lục bài viết

1 Blockchain applications in Education
2 Blockchain applications in banking
3 Blockchain applications in Entertainment
4 Blockchain applications in Manufacturing
5 Blockchain application in State administration
6 Blockchain applications in Healthcare
7 Conclusion

Blockchain applications in Education

In the context of fake degrees being a hot issue in the education sector, the Ministry of Education and Training (MOET Vietnam) chose to apply blockchain to develop a large-scale certificate storage system and solve the problem of fake degrees. With extensive experience in the field of Blockchain application development, Sotatek has taken on the responsibility of planning, designing, developing and deploying this system. Starting in 2020-2021, all degrees given by training institutions from high school to university level would be included in the National Diploma System.

After 2 months of implementation with the support of 23 technology experts, the application has officially gone into operation, providing the ability to manage, verify and use information from degrees effectively, while helping to save administrative costs and providing tight management capabilities.

This will help reduce and eliminate fake degrees in the future. This is also the first time the Vietnamese Government has applied Blockchain technology, marking an important step forward in the development of this industry.

>>See more: Vietnam’s Blockchain Adoption Ranking and Tech Talent Quality

Blockchain applications in banking

Currently, in Vietnam, blockchain is being applied in the operations of various banks. Specifically, in 2018, the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank), Vietnam International Bank (VIB), and Tien Phong Bank (TPBank) conducted interbank money transfer trials using blockchain technology. TPBank became the first bank to successfully apply blockchain for international money transfers via RippleNet in early November 2019.

In the same year, HSBC Vietnam implemented a trial application of blockchain technology in international payments through letters of credit (L/C) transactions in the Vietnamese market. In December 2020, the Bank for Investment and Development of Vietnam (BIDV) pioneered the use of blockchain in issuing letters of credit to an advising bank outside its network.

By September 2021, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) successfully applied blockchain technology for the first time on its digital banking platform, VCB Digibank. It also developed an automated customer loyalty program, “Rewards”, which stores the entire history of point accumulation and redemption on VCB Digibank. Customers can conveniently review their point history and redeem rewards directly.

Next-generation blockchain platforms are increasingly integrating eKYC (Know Your Customer) solutions, allowing the system to verify identity and personal and business information. This platform performs tasks such as:

User monitoring, anti-fraud and regulatory compliance

Smart ID Verification: User account identification (ID) application programming interfaces (APIs) make it easy for the system to verify customer names, dates of birth, addresses, and IDs.
Automated Business Verification: Business information verification can be done quickly through API or using the system dashboard. This process includes opening and updating personal and business account information.

Blockchain applications in Entertainment

Binz, also known by his real name Le Nguyen Trung Dan, released the song “Don’t Break My Heart” as an NFT on the Binance blockchain platform on March 16, 2022. This NFT collection includes 900 NFTs with 4 levels: Platinum, Gold, Silver and Bronze, each level corresponding to a percentage of digital music royalty sharing from the song.

Specifically, the Platinum tier has 5 NFTs priced at $4,999 per NFT and a royalty rate of 1%. The Gold tier has 50 NFTs priced at $499 per NFT and a royalty rate of 0.24%. The Silver tier is the most popular tier with 700 NFTs priced at $99 per NFT and a royalty rate of 0.05%. Finally, the Bronze tier is expected to have 200 NFTs and will be distributed as a reward to fans with a royalty rate of 0.05%.

NFT, short for “Non Fungible Token”, is a type of digital asset that has collectible value due to its uniqueness and irreplaceability. This release marks a new step in Binz’s career and is a start for the Vietnamese art community in the NFT field.

Blockchain-Applications-in-Vietnam-Binz-applied-NFT-in-the-song

Binz used NFT Application in his song “Don’t break my heart”

>>See more: Latest blockchain jobs in Vietnam

Blockchain applications in Manufacturing

Previously, the manufacturing industry in Vietnam was considered difficult to adapt to the rapid development of Blockchain technology, but now the industry is undergoing a positive transformation. One of the most effective Blockchain solutions that blockchain experts have applied to the manufacturing industry is the “Used Vehicle Query Application” application. This is the result of a 12-week research process by a team of talented software engineers.

This application was built by 11 Blockchain developers to collect information about vehicles sold along the value chain, helping buyers access transparent information about vehicles and meet the needs of current customers. In particular, the application also allows distributors and used car dealers to know exactly where the product has problems in the production process, thereby reducing the average time to repair. Currently, the blockchain application has been trusted and used by more than 2,000 reputable motorbike distributors in Vietnam and more than 800 distributors in the Asia-Pacific region.

Blockchain application in State administration

Blockchain has been applied in many fields and state management is no exception. The use of blockchain in state management brings many significant benefits, typically such as traceability management, personal identification, and feedback management.

A blockchain company has deployed a solution to support the management of agricultural product origins for more than 800 products and more than 10 million Blockchain traceability stamps have been issued in 2018. This is one of the solutions applying Blockchain technology in the main state administration activities of this company.

The solution implements the verification and issuance of unique identification codes for entities (such as citizens, documents, goods, etc.), while protecting identification information through the use of pre-established secret keys on the Blockchain platform. All information after being recorded on the Blockchain cannot be changed, helping to increase transparency and build trust for both the management unit and the people using the solution.

Thanks to the unique personal identification information authenticated on Blockchain, users can completely check the accuracy and manage their personal records, or share with third parties when necessary to assess the reliability and confirm personal value. This feature is also completely feasible to deploy digital identification for documents and materials serving the management work of state agencies.

In addition, blockchain also helps to clearly record opinions and contributions from people, organizations, and businesses, whether they agree or disagree. These opinions are stored on the blockchain and compiled into a final, completely transparent document.

The most important difference between the new Blockchain technology and traditional technologies is its immutability. Information stored on the Blockchain is encrypted and recorded with an electronic signature, and the time of recording the information is accurate. It can be seen that Blockchain brings many benefits to management activities such as traceability management, feedback management, and personal identification management.

>>Join now: Vietnam blockchain community – BW

Blockchain applications in Healthcare

During the early stages of the Covid-19 pandemic in 2019-2020, countries around the world had to urgently implement widespread vaccination programs to minimize deaths and prevent the spread of the virus in the community. However, due to the complicated movement of people, managing their vaccination information faced many challenges. Understanding this, after 3 months of research and testing, Sotatek successfully launched the “Application for Public Vaccination Management”.

Here’s how it works: When a user enters their Covid-19 vaccination information into the app, the system identifies the public areas they visited (like stores, schools, hospitals, etc.) and updates their vaccination status. All data is then sent to a Blockchain system that is optimized for absolute security.

The app also provides an administrative interface to accurately track the travel history of a particular user when they test positive for Covid-19. The app was immediately deployed to 32 million people across the country, helping the government control the number of Covid-19 infections as well as their travel history, thereby limiting the spread of the disease.

>> Check out: BlockchainWork’s Partnership programme

Conclusion

The popularity of blockchain today comes not only from the safety and security it brings, but also from its ability to create transparency, reduce dependence on third parties, and open up many new opportunities in daily life. These are just a few examples of blockchain applications and this technology is increasingly being widely applied in many different fields, creating significant changes in the way we conduct transactions and manage information. Therefore, blockchain promises to bring positive applications and will develop more in the future.

** This is not investment advice, investment strategy recommendation or sponsored advertising content. Please refer to our Disclaimer and use the information appropriately.

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