Expert Says Blockchain Will Potentially Create Cashless Economy in Vietnam

Asia Blockchain Review
August 25, 2019

With its immutable nature, blockchain technology sees use in many different fields of modern economies, particularly banking activities, banking expert Cấn Văn Lực said. 

As reported by a local news outlet Viet Nam News, Cấn explained at a workshop held in Ho Chi Minh City that blockchain is a powerful tool to save time and reduce costs for businesses and government agencies when it comes to payments via international banking networks for trade activities.

Blockchain Saves Time and Costs for Businesses

Using blockchain technology to handle documents, paper documents in trades can be completely replaced with e-paper which can be stored on a blockchain-powered platform and become promptly shareable to relevant parties, according to Cấn. 

Online businesses can greatly save time and costs in operations as blockchain only takes seconds to connect both ends on a trade, eliminating the need for intermediaries such as brokers as in conventional transactions, while ensuring the confidentiality of the data as it requires a mutual agreement to access the deal information. 

Possibilities of Blockchain Use in Vietnam 

Cấn believes that blockchain can offer numerous benefits to the business space, noting that “Beside payments, blockchain technology is also used for other financial tasks such as transaction settlement, lending, crowdfunding, securities trading activities, tax collection and auditing.” 

Vietnam is one of the top 20 nations with the highest use of the internet and smartphones. Young generations and internet development have made e-payments popular in the country. However, blockchain development remains a challenge as Vietnam has yet to establish a legal framework for controlling the new technology-based business models. Adequate developer force is also needed to push products and services on artificial intelligence (AI), blockchain and big data.


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