With blockchain-based technology quickly gaining ground in Vietnam, especially in the banking and finance industry, experts are calling on the government to establish a legal framework with the aim of reducing risks and promoting blockchain development.
Ngo Tan Vu Khanh, Director of Kaspersky Vietnam, revealed that the banking and finance industry is adopting blockchain technology in numerous ways, while Sanjay Chakrabarty, Deputy General Manager of Orient Commercial Bank, said the emergence of blockchain technology has enabled stakeholders to make financial transactions and investment decisions faster and more conveniently.
Still, some experts warn that the applications of blockchain-based solutions often exist beyond the current legal framework in Vietnam and say government agencies must work together to develop a framework to monitor the development of the technology.
Robert Trong Tran, PwC Vietnam’s Director of Cybersecurity and Privacy Services, voiced his opinion that technologies related to blockchain can pose many risks, adding that there have been numerous incidents of cryptocurrency transactions associated with illegal activities.
He asserted that with the changing landscape, financial institutions seeking to win over customers in the future must utilize technology to improve customer experience while improving regulatory compliance and automating business operations.
The banking and finance industry is not the only sector implementing blockchain technology. Sectors such as logistics are also adopting blockchain-based solutions to facilitate and enhance trust for their customers.
Ha Anh Tuan from IBM Vietnam cited Tradelens – a blockchain-based shipping platform jointly developed by IBM and global logistics company Maersk – as an example of a solution that may improve business procedures and save billions of dollars, while simplifying the process of customs clearance and eliminating trade fraud.
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