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Blockchain – The “Key” Technology for Digital Transformation

20/10/2022

Blockchain technology has been known as the most common and often used keyword in the digital age. This technology is even regarded as one of the “key” technologies to accelerate the process of digital transformation and achieve the highest level of effectiveness.

Blockchain is a technology that encodes all data into blocks and chains, connecting them together. Iff there is new information or transactions, the previous information is not deleted but is instead added to the previous block to create a new chain. There is no way to modify data once it has been written to the blockchain system. This technology is being used in 65 different fields, most commonly in finance, insurance, government administration, infrastructure, real estate, transportation, and logistics as well as in healthcare and education. Because of the rapid development of new technologies and the internet, it is anticipated that the impact of blockchain technology will be stronger than that of the internet revolution three decades ago. According to the World Economic Forum (WEF), by 2025, 10% of the world's GDP may be kept on blockchain. Therefore, blockchain is now regarded as a “key” technology for digital transformation in the majority of corporations and businesses, particularly in the financial, banking, and securities sectors. 

Blockchain is one of the digital technology fields in Vietnam's research and development priorities.

The blockchain market in Vietnam has made remarkable achievements, drawn lots of investors, and is a foundation for blockchain projects to keep growing. Particularly, according to Chainalysis, Vietnam has the highest blockchain application adoption index, which is five times higher than that of the US. Businesses in Vietnam are starting up rather quickly compared to the common ground, even creating new trends like blockchain games. At the moment, Vietnam is leading the market with more than 200 blockchain games. With significant advancements, it is expected that the blockchain industry would climb from $4.93 billion in 2021 to $227.99 billion by 2028, with an estimated annual growth rate of almost 72.9%. This figure demonstrates the high-speed development of blockchain and it is believed that this platform will be the “key” technology in the digital era. 

Blockchain will be the primary technology used to address the problems associated with the digital transformation. 

However, the state should establish a clear and efficient legal corridor for the Vietnamese blockchain sector to grow quickly. For organizations and businesses, it is necessary to make the appropriate human and financial investments to properly apply blockchain technology. With the goal of investing and accompanying intensive blockchain projects, FUNDGO will coordinate with other organizations to organize forums, workshops and seminars to share information and experience, to help businesses invest in researching and implementing blockchain technology applications in practice.

Blockchain technology will continue to create opportunities for enterprises to actively develop, apply technologies, boost competitiveness, make exceptional income and profit, as well as assure global integration. Since then, blockchain technology has evolved into the “key” technology that supports Vietnam's rapid and efficient digital transformation.

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