Raising awareness of blockchain potential is essential: experts

VIETNAM, September 24 –

HCM CITY – To make blockchain more accessible and more widespread, awareness of its potential through education, successful applications and having a regulatory framework are essential, according to experts at the blockchain conference BUIDL Việt Nam 2022.

Việt Nam is a leading user of cryptocurrency in the world and has advantages in developing blockchain, it was noted at the Global Conference on Blockchain held in HCM City on September 23 and 24.

Nguyễn Hoàng Long, CTO of blockchain platform Aura Network, said Việt Nam News that blockchain technology could store and process data in a transparent and decentralized way, where data stores are highly resistant to changes.

While the technology is mostly explored in finance, organizations around the world are racing to use blockchain in new industries.

“Many Vietnamese businesses, universities and the government are looking at and testing blockchain applications in many fields such as traceability and customer loyalty systems,” he said.

“Although blockchain is still an unknown topic for many people, more and more people will realize its real benefits and potential when there are more widespread successful applications of the technology,” he added.

He suggested that universities educate students in blockchain, cryptocurrency and decentralized systems, even students in non-IT fields, to raise awareness of its potential.

Mai Duy Quang, a member of the Việt Nam Blockchain Association, said that Việt Nam was behind other countries in previous technology trends, but with respect to the blockchain, it had been home to many recognized, notable projects and developers.

“I think Việt Nam has a chance to be a pioneer in blockchain technology,” he added.

Nicole Nguyễn, ASEAN Vice Chair of the Global Impact Fintech Forum, said that for blockchain to be more accessible to the general public, blockchain programs and applications must have better user interfaces to be more user-friendly.

There must be better blockchain programs that solve specific problems, according to Nguyễn.

“The government should facilitate the development of blockchain programs and create a regulatory framework for the technology. If the technology is officially recognized, more people will be more confident to invest in it, she said.

Mai Duy Quang added that his association was also working with foreign partners to provide solutions to detect and deal with blockchain-related fraud cases.

Decentralized storage

One of the biggest applications of blockchain is decentralized storage, which is a storage method where data is stored on many different servers as opposed to just one server. Data stored in this way is cryptographically encrypted with blockchain technology.

Pranshu Rastogi, Vice President of Engineering for the Ethereum Push Notification Service project, said that only the original owner of a piece of data could access and view it, in addition to whomever the owner granted view access to.

A major advantage of this method compared to the traditional storage method is that if a server is shut down or subjected to an attack, all the data stored on the decentralized storage system is still safe.

This application is widely used worldwide, in many fields such as finance, hospitals and local government.

He noted that the user experience for decentralized storage systems still needed improvement and that more awareness of this technology should be raised, especially through successful use cases.

During BUIDL Việt Nam 2022, business leaders and developers from around the world discussed blockchain ecosystems, Web 3.0 and decentralized applications.

Participants learned technical solutions in many areas, such as programs that operate across many blockchains, creating better user interfaces and decentralized storage.

Foreign and domestic developers and engineers also collaborated with each other to find potential partners.

The conference was hosted by KryptoSeoul, a leading community building and marketing team in Seoul, South Korea, focused on supporting global blockchain projects, and its sister brand KryptoVietnam, which is dedicated to growing the builder community in Việt Nam. – VNS