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Blockchain tech is applicable in many banking activities: expert

Blockchain technology can be used in many different fields of modern economics, especially banking activities, banking expert Can Van Luc has said.
Blockchain tech is applicable in many banking activities: expert ảnh 1Cash notes being counted. Blockchain may help Vietnam achieve a cashless economy as it provides security, confidentiality, speed and accuracy for transactions. (Photo: tinnhanhchungkhoan.vn)

Hanoi (VNS/VNA) - Blockchain technology can be used in many differentfields of modern economics, especially banking activities, banking expert Can VanLuc has said.

Blockchainhelps save time and costs for businesses and government agencies when they makepayments via international banking networks for trade activities, he said at a recentworkshop in Ho Chi Minh City.

Stakeholdersin a trade deal can replace paper with e-paper, which can be uploaded onto theblockchain platform, then it will become shareable, Luc said.

Doingbusiness online using blockchain platforms is time-saving and cost-savingbecause it takes seconds to connect to each other and stakeholders don’t haveto contact through brokers like they used to, he said.

Theinformation of the deals will remain confidential because the data uploadedonto the blockchain platform cannot be changed without stakeholders’ mutualagreement, he added.

“Besidepayments, blockchain technology is also used for other financial taskssuch as transaction settlement, lending, crowdfunding, securities tradingactivities, tax collection and auditing,” Luc said.

Vietnamis among the world’s top 20 countries in terms of the number of internet users,social network users and smartphone users. In addition, the young population,fast internet development and increasing e-payment are other factors that make Vietnamfavourable for blockchain technology.

However,there are still difficulties and challenges for blockchain development in thecountry. The biggest challenge is changing the habits of businesses,consumers and government agencies, according to Luc.

There isno specific legal framework to supervise new tech-based business models such aslending, fintech and digital asset management. Meanwhile, there is a lack ofgood-quality labourers to develop products and services on artificialintelligence (AI), blockchain and big data. In addition, Vietnam is vulnerableto cyber attacks.-VNS/VNA
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