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Vietnamese ministry unveils domestically-built blockchain platform

Friday, August 14, 2020, 17:35 GMT+7
Vietnamese ministry unveils domestically-built blockchain platform
Officials attend an event to launch blockchain-backed platform akaChain, hosted by Vietnam’s Ministry of Information and Communications, in Hanoi, Vietnam, August 13, 2020. Photo: Pham Phong / Tuoi Tre

Vietnam’s Ministry of Information and Communications on Thursday launched akaChain, a blockchain-backed enterprise platform developed by domestic tech giant FPT Group.

The event is part of the ministry’s effort to introduce ‘made in Vietnam’ digital platforms as an endorsement of the prime minister-approved National Digital Transformation Program until 2025, looking toward 2030.

The novel akaChain is touted as a blockchain-backed enterprise platform and digital transformation solution developed by FPT Group.

It promises to deliver operation optimization, enhanced customer experiences, and new business opportunities with cross-industry compatibility for firms.

A blockchain is a database that is shared across a network of computers.

Blockchains have been used to underpin cyber-currencies like bitcoin, but many other possible uses are emerging, according to Reuters.

Speaking at the launch ceremony, Deputy Minister of Information and Communications Nguyen Thanh Hung exalted blockchain as a breakthrough technology with potential large-scale integration.

“The value proposition of this platform is [improving] the time efficiency of tasks such as the electronic customer identification protocol eKYC, credit scoring, customer loyalty marketing programs, and origin tracking, which would help business of all industries to optimize operations, enhance customer experiences, seek new business opportunities and, in turn, accelerate the development of our digital economy,” Hung said.

Nguyen Thanh Hung, Vietnamese deputy minister of Information and Communications, speaks at the launch event of akaChain in Hanoi, Vietnam, August 13, 2020. Photo: Pham Phong / Tuoi Tre

Nguyen Thanh Hung, Vietnamese Deputy Minister of Information and Communications, speaks at an event to launch akaChain in Hanoi, Vietnam, August 13, 2020. Photo: Pham Phong / Tuoi Tre

At present, akaChain has been adopted by many clients working in a variety of industries and countries.

According to several market-leading tech retailers in Vietnam, akaChain incorporation has brought down their non-performing loan ratio from 14 to seven percent.

For the foreseeable future, akaChain sets its focus on the strengths relating to security and transparency.

On a related note, it will prioritize fine-tuning the digital identity solution as well as origin tracking for supply chains.

An initiative of the Vietnamese government, the National Digital Transformation Program is currently led by the Ministry of Information and Communications with a focus on developing an e-government, digital economy, and digital society, while nurturing international competitiveness for Vietnamese tech firms.

The program sets a target for Vietnam to enter the top 50 in the ICT Development Index (IDI), as well as the top 35 in the Global Innovation Index (GII) rankings by 2025.

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Xuan Tung - T.Ha / Tuoi Tre News

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