Blockchain, though being considered one of the hottest in the world of technologies, Vu Ngoc Hoang, IBM Vietnam Solutions Architect, said that Vietnam has only very few enterprises deploying and applying this technology.

When do you think Blockchain will be popular in Vietnam? Do Vietnamese businesses have enough openness in terms of perception and finance to embrace this new technological trend?

Blockchain is one of the top 10 technologies in the world for the period 2018-2020. Vietnam is likely to move a bit later as businesses remain cautious about the cloud as well as sharing information. However, I think that by 2018, there will be some shifts. There will be a few companies that will work out the problems and invite customers to share information and use the system.

Is investing in blockchain expensive? Most enterprises in Vietnam are mostly small and medium ones. Will they be able to participate in this game at a reasonable cost?

I think that cost is not a barrier for businesses if they want to apply blockchain technology, especially if they only run on Public Cloud. Much of the information in Public Cloud is not important. As essential information is still being kept inside the business, the cost of blockchain will not be expensive. Currently, most of Vietnamese businesses are renting cloud so they just need to spend a little extra money to put blockchain up there.

What are the advantages of blockchain technology?

First is transparency of information.

The second is that all members of the network must have consensus on playing rules.

Third, the information is believed to have been verified by the parties.

The fourth is personal privacy. For example, with one same piece of information, Mr. A can have access while Mr. B doesn’t.

How will the blockchain be effective for businesses?

The application of blockchain enables enterprises’ information constantly being updated real time. In addition, because it has supplier warranties, maintenances, constantly updated so the enterprises can save their human resources cost. For that, they just have to focus on developing their application running smoothly, reasonably with all the members in the network.

With those advantages and benefits, according to you, in what filed will blockchain fit?

Blockchain is a platform that fits all sectors, from the government, finance, manufacturing, retail … Among those, financial banking is considered to be the most robust regarding its requirements of the transparent Information.

In the future, what are the plans for IBM and FPT Information System to promote blockchain in Vietnam?

IBM has a foundation of technology. FPT IS is a developer. In the future, we will search and talk with customers to see what their needs are and then find ways to solve the problem.

Bich Hai – Thang Ly translated

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