Blockchain development strategy needed

Blockchain is considered a breakthrough technology with potential applications in many fields, recognized as one of 11 strategic technology groups in Vietnam.

Transparent and trustworthy

According to Decision No. 1131/QD-TTg of the Prime Minister dated June 12, 2025 promulgating the List of strategic technologies and strategic technology products, the blockchain technology group includes 3 product groups: Digital assets, digital currency, cryptocurrencies; blockchain network infrastructure; traceability system.

However, the difference and superiority of blockchain technology is that it is an ideal technology for authentication, transparency and data preservation. Blockchain is a distributed database technology (distributed ledger), allowing the storage and transmission of information in the form of blocks linked together in a chain using cryptography. Data on the blockchain is transparent, cannot be changed after being recorded and distributed on many computers, ensuring safety and security. Data on the blockchain is not stored centrally on a single server like the usual way of storing data, but is distributed on many computers in the network. Users in the network can view data on the blockchain, creating transparency and trust. When a block of data is added to the blockchain, it cannot be changed or deleted. Any change must be agreed upon by the majority of nodes in the network. Blockchain uses encryption algorithms to protect data and ensure the integrity of the blockchain.

With such characteristics, in addition to cryptocurrencies, blockchain has been applied in supply chain management (helping track goods from manufacturers to consumers); insurance (reducing fraud and speeding up claim processing); healthcare (storing medical records safely and securely); online elections (ensuring transparency and safety during the election process) ...

Cần chiến lược phát triển blockchain- Ảnh 1. — Vietnamese youth learn about a blockchain project at Ho Chi Minh City Technology Festival Photo: Le Tinh

Multi-field applications

The Law on Digital Technology Industry was passed by the National Assembly on June 14, 2025 (effective from January 1, 2026), opening up the first legal framework in Vietnam to recognize digital assets and cryptocurrencies. This is a turning point in regulating, managing and promoting the digital economy , with a special focus on blockchain technology and virtual assets.

In state management, blockchain can be used to manage records, documents and personal data in a secure and transparent manner. Specific applications include: land management, electronic identification, product traceability, etc.

Viettel Group has applied blockchain technology in many different fields. Since 2018, the Core Technology Center - Viettel Enterprise Solutions Corporation has successfully applied blockchain to manage personal health records, with the goal of building a national database of health records of citizens nationwide. Viettel can also apply blockchain in many other fields such as supply chain management, electronic payment, identity verification, etc. VNPT's Blockchain Digital Authentication System (BDCS) is a system for managing and verifying diplomas based on blockchain technology. This system will help increase the transparency and accuracy of diploma issuance, making it easier for businesses recruiting workers who need to verify their diplomas to look up the diploma storage system on the blockchain platform.

The Ministry of Education and Training has applied blockchain to develop a large-scale certificate storage system and solve the problem of fake degrees. SotaTek Company is the unit responsible for implementation. After 2 months of implementation, this application has officially come into operation, providing the ability to manage, verify and use information from degrees effectively, while helping to save administrative costs and providing tight management capabilities.

During the COVID-19 pandemic, SotaTek has applied blockchain to successfully build a "Community Vaccination Management Application", deployed to 32 million people nationwide, helping to control the number of COVID-19 infections as well as their travel history; thereby limiting the spread of the disease. The "Used Vehicle Lookup Application" built by 11 blockchain developers has been used by more than 2,000 reputable motorbike distributors in Vietnam and more than 800 distributors in the Asia-Pacific region. The application collects information about vehicles sold along the value chain, helping buyers access transparent information about the vehicle and meeting the needs of current customers. In particular, the application also allows distributors and used car dealers to know exactly where the product has problems in the production process, thereby reducing the average time to repair. A blockchain application company deployed a solution to support agricultural product origin management for more than 800 products and more than 10 million blockchain traceability stamps were issued.

In the field of finance and banking, blockchain will help improve payment processes, manage risks and reduce transaction costs. Potential applications include: international payments, credit granting and digital asset management. Many banks in Vietnam such as BIDV, MB, VPBank, Vietcombank ... have also announced the use of blockchain in financial transactions. According to BlockchainWork Company, a number of other enterprises such as Masan Group, Bao Viet, AIA have also successfully applied blockchain to business. Blockchain technology is now integrated into customer identification applications (eKYC), allowing the system to verify identity and personal information, business information. It helps verify smart IDs and monitor users, prevent fraud and comply with regulations. For example, the VNPT eKYC electronic identification and authentication AI platform of VNPT Group has applied many cutting-edge 4.0 technologies such as AI, blockchain and biometric identification.

For telecom operators, blockchain helps enhance fraud prevention, improve identity management, ease the transition to 5G, and enhance IoT security.

Technology - law connection

With the legal framework already in place, blockchain technology in Vietnam is like a "kick-starter". The wave of blockchain applications will certainly take place. According to Mr. Vu Ngoc Son, Technology Director at Vietnam National Cyber Security Technology Joint Stock Company (NCS), although blockchain was born to ensure safety and transparency, applications running on blockchain still have the potential risk of being attacked like other popular information technology systems. The issue of network security for blockchain still depends largely on human factors: programming errors, poor security configuration, improper operation, lack of independent monitoring and evaluation. The digital economy is increasingly dependent on blockchain, so ensuring blockchain security is ensuring the safety of national digital assets. Therefore, a comprehensive strategy is needed, linking technology, law and raising public awareness.

Source: https://nld.com.vn/can-chien-luoc-phat-trien-blockchain-196250830203053357.htm