South East Asian country of Vietnam has found new economic-technology aspirations with Blockchain Technology and its egalitarian philosophy. In a bid to hyperbolically arrive at the new age decentralized ledger technology economics, the government has constituted a development firm called Viettel Enterprise Solutions Corporation to build solutions on the new technology platform.
The new company operates under the aegis’s of the country’s largest telecom player, Viettel Group and has already proved its mettle by building a futuristic decentralized hospital blockchain platform. However, the project is awaiting approval before implementation.
Asian countries are quickly but steadfastly moving into digital government framework and adopting associated technologies to empower their economies. Vietnam’s tryst with this phase of economic evolution is being backed by its largest government telecom player – Viettel Group.
The government’s policy to use blockchain technology to empower itself has led to a localized solution building brand – Blockchain at Viettel. Deputy General Director Ngô Vĩnh Quý in providing further information about Vietnam’s pro-blockchain development said that the challenge before Viettel now is to find the ideal platform-centric solution which will match the needs and aspirations of Vietnamese consumers and ecosystems.
The long-term goals of the government are focused on digital governance, and therefore the intermediary steps are the adoption of decentralized structures which will bring in efficiency, improve economic, cut costs through consensual blocks and smart contracts and other ‘egalitarian’ philosophies.
Vietnam’s strategic geographical location amidst technology powerhouses such as Singapore or South Korea, Japan and China demands that it leapfrog into this new technology and gain a competitive advantage.
The latest neighbor to move deeper into blockchain was Singapore, which on Oct 23, brought in one of the largest cryptocurrency exchanges in the world, Binance, to collaborate with a local player, Temasek Holdings-backed Vertex Ventures for seamless conversion between fiat-to-cryptocurrency and other services.
Moreover, South Korea has been one of the first adopters of this platform and has an abundance of exchanges, mining community and an unlimited number of coins already circulating in its economy. The Korean central bank has been announcing policies for a cashless economy, and the use of cryptocurrencies is now part of the larger system of financial transactions. KT-Corporation has announced the launch of “commercial network” based on blockchain for “secure, transparent” transactions.
Though China has officially drawn a blanket-ban on cryptocurrency on allegations of money laundering and fraud, there is a very active community based across the country. Provinces such as Zhejiang, Shanghai, Beijing are witness action to the tune of billions of dollars in financing and investments. China Mobile, Unicom and Telecom have begun a blockchain-research group after Chinese governments crack down on the technology’s commercial usage.
Meanwhile, Japan has government-backed crypto in J-coin, in a bid by the banking consortium to wean-off cash and adopt digital currency protocol. The smartphone is the media to complete payment with J-coins for services and goods across the island-nation. The Japanese Yen and J-coin have a one-to-one exchange rate. Additionally, the country will not make its economy j-coin centric but allow other banks and global banking groups to have their own digital currencies.
Considering the widespread wings of financial change happening in its neighboring nations, Vietnam does need a spring-board to fast track its own technology pool and set up the ecosystem for decentralized ledger Transactions. Currently, Viettel Enterprise Solutions Corporation has set up the commercial network for such action.