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November 19, 2019
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Blockchain technology vital in building smart city – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports – Viet Nam News


Lê Bích Loan, appearing head of the Saigon Hi-Tech Park’s board of administration (left), on the signing of an MoU between the incubator centre and South Korea’s CBA Ventures final Friday in HCM City. — VNS Photo Bồ Xuân Hiệp

HCM CITY — HCM City plans to develop a regulatory framework and insurance policies related to blockchain technology to minimise potential dangers in building a smart city, a high city official has mentioned. 

Trần Vĩnh Tuyến, vice chairman of the city’s People’s Committee, mentioned: “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 convention final Friday, Tuyến mentioned the city would work with companies to construct a roadmap for the appliance of blockchain in the nation. 

In addition, the Ministry of Science and Technology will give precedence to blockchain begin-ups by means of a brand new venture referred to as “Support a National Innovative Start-up Ecosystem by 2025,” he mentioned. 

Võ Thị Trung Trinh, deputy director of the city’s Department of Information and Communications, mentioned that blockchain may very well be used in public providers and city administration.

To construct a smart city, the city wants technology-based options to construct a digital authorities, she added. 

Lê Bích Loan, appearing head of the Saigon Hi-Tech Park’s board of administration, mentioned that blockchain technology appeared round 2008 after the worldwide monetary disaster of the Lehman Brothers’ funding financial institution 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-supply software program to safe a decentralised monetary transaction course of for cryptocurrency like bitcoin, which differs from the normal centralised course of managed by central banking techniques, she mentioned. 

After a decade of growth, blockchain can now be used to construct a safe communication platform for smart cities, offering higher public providers and optimum utilisation of obtainable sources, together with e-authorities, city transportation, and infrastructure wants.

During the occasion, the administration board of the High-tech Park and HD KING Technology World Co. Ltd. signed a Memorandum of Understanding (MoU) to advertise blockchain technology and AI to help the growth of HCM City’s smart-city plans.

In addition, the incubator centre signed an MoU with South Korea’s CBA Ventures that may focus on technology switch and human useful resource coaching in blockchain technology.

According to the Asia Blockchain Review, Việt Nam has grow to be an rising chief in the sector of blockchain technology. More than 2,000 individuals attended the Việt Nam Blockchain Week Conference final 12 months, indicating sturdy blockchain neighborhood is rising nicely in the nation. 

Việt Nam is among the many world’s high 20 international locations in phrases of the variety of web customers, social media customers and smartphone customers.

In addition, the younger inhabitants, quick web growth, and elevated variety of e-funds are different components that make Việt Nam beneficial for blockchain technology. 

However, challenges exist, together with altering the resistance of firms and shoppers to make use of newer applied sciences. The nation additionally lacks a particular authorized framework to oversee new tech-primarily based enterprise fashions corresponding to lending, fintech and digital asset administration. 

A scarcity of high quality employees to develop services and products in synthetic intelligence (AI), blockchain and massive information exists in the nation.

The Ministry of Science and Technology will give precedence to blockchain begin-ups by means of a brand new venture referred to as “Support a National Innovative Start-up Ecosystem by 2025,” in accordance with Tuyến, vice chairman of the city People’s Committee. 

To construct a sustainable blockchain ecosystem, all main gamers together with incubators, accelerators, and neighborhood building ought to be concerned, consultants mentioned.  

Việt Nam may emerge as one of many subsequent blockchain hubs in Southeast Asia and throughout the globe, which might assist entice international funding thanks to very large cryptocurrency transactions and a labour pressure with sturdy caliber, in accordance with Forbes journal.

Blockchain technology is a shared file of transactions that anybody can see or learn. A locking technique is employed to stop any tampering by one get together, which helps to make blockchain safe, in accordance with consultants. 

The convention was attended by a whole bunch of native and worldwide researchers, entrepreneurs, begin-up representatives and managers in the sector of blockchain. — VNS

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