Vietnam Blockchain Chain Service Network is expected to become the core platform for the country's digital transformation and digital economic development.
Presenting to Prime Minister Pham Minh Chinh and Government officials at the first Government Party Congress, representatives of the Vietnam Blockchain Network Chia applications of Blockchain technology in the economy such as multinational payments, Decentralized Identifier, land management, degree verification...
Vietnam Blockchain Chain Service Network (VBSN) is a strategic initiative, aiming to build a national Blockchain infrastructure, contributing to Vietnam's mastery of core technology, ensuring sovereignty over data and digital assets, enhancing the effectiveness of state management, and promoting the development of the private sector digital economy.
By October, VBSN had successfully built 6 platform Blockchains (layer-1) with a maximum speed of 300,000 TPS. This system was developed on the basis of inheriting many international Blockchain platforms, using different decentralization and consensus mechanisms to optimize benefits for each field and need.
VBSN allows units to initialize a completely new Layer 1 in less than an hour. After initialization, this Layer 1 is pre-integrated with many utilities and toolkits such as crypto asset wallets, bridges, smart contract development kits, RPC infrastructure, etc., helping to significantly save both time and initialization and operating costs.
This feature helps traditional businesses and organizations easily access the new field of Blockchain and digital assets, even without having a team of specialized technology personnel available.
According to Mr. Phan Duc Trung, Chairman of the Vietnam Blockchain and Digital Asset Association, Chairman of 1Matrix Company, VBSN is a supporting infrastructure for centralized data systems in the national digital transformation process that the Government is promoting.
In the public sector, the application of VBSN will enable the deployment of applications such as digital identification, digital assets, smart contracts, traceability and interconnected data, creating an infrastructure foundation for blockchain applications in digital government, smart cities, financial centers and high-tech services.
At the same time, it helps reduce the risk of data congestion and enhance operational capacity in the digital government model. Blockchain technology and VBSN network have been introduced and proposed for integration into operations with the Central Propaganda and Mass Mobilization Committee, the Steering Committee for Resolution 57-NQ/TW, the People's Committee of Da Nang City, etc.
In the private sector, VBSN is being Chia widely with many domestic companies and is being adopted by a number of financial institutions, business Large research and development projects to serve data management needs, improve system efficiency and apply in new business areas.
