Vietnam to Adopt Blockchain for Smart City Project

Asia Blockchain Review
November 21, 2019

Vietnam’s Ho Chi Minh City will adopt blockchain technology and artificial intelligence (AI) to develop a smart city infrastructure as well as lay the foundation for a digital government.

Driving Smart City Transformation with Blockchain Technology

According to Ledger Insights, an official from Ho Chi Minh City revealed at the annual Hi-Tech Park conference that the city will implement blockchain technology to improve administrative processes.

Trần Vĩnh Tuyến, Vice Chairperson of HCM City’s People’s Committee, said the government is promoting blockchain startups and initiatives through a project called ‘Support a National Innovative Start-up Ecosystem by 2025’.

“The city will give top priority to projects that apply science and technology, especially the use of artificial intelligence in solving the city’s problems and for smart urban development,” Tuyến said.

Võ Thị Trung Trinh, deputy director of the city’s Department of Information and Communications, added that blockchain can be utilized for many areas of the smart city including transportation, communications, payments, public services, energy and urban management.

“To build a smart city, the city needs technology-based solutions to build a digital government,” Trinh stated. 

Vietnam Enters Partnership to Develop Smart Solutions

At the conference, the city’s administration signed agreements with HD King Technology and South Korean CBA Ventures to jointly develop blockchain solutions that will be used as the infrastructure for the smart city. 

Lê Bích Loan, acting head of the Hi-Tech Park’s board, revealed that blockchain technology will also help transform the country’s financial industry. 

“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,” Loan said.

Source: https://www.ledgerinsights.com


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