Blockchain is considered to be the key for digital transformation and the building of an information technology (IT) platform. Up to now, Da Nang has begun to approach and pilot blockchain applications in digital asset management and the development of the digital economy, thereby further exploring the great potential of the burgeoning tech.

The digital economy is growing strongly with a lot of great potential. IT human resources are seen working at the FPT Da Nang. Photo: T.L

According to Ph.D Mai Van Bay, a lecturer at the University of Da Nang (UD), blockchain, with the characteristics of safety, security and connection convenience in the digital environment, is increasingly being applied in many fields of digital transformation and one of the important characteristics of blockchain is transparency.

Over the past few years, blockchain has developed very rapidly and has built new platforms that allow people to buy, sell and exchange goods. Therefore, promoting the application of blockchain in digital asset management will help increase transparency and reduce risks, thereby creating trust for asset transactions and management.

At the seminar ‘Introducing the platform and applications of blockchain technology in digital asset management, digital economy development’ recently organised in Da Nang by the municipal Department of Information and Communications, in collaboration with the Viet Nam Informatics Association, blockchain platforms and practical solutions connecting the real - virtual world in adding value to locally-made products and handicraft products were introduced. Also, plans towards the goal of turning Da Nang into an international financial centre and developing a sustainable digital economy were also highlighted.

To implement this plan, Da Nang is building the DaNangChain platform with technology support from KardiaChain, which provides hybrid blockchain infrastructure and solutions for enterprises and governments in Viet Nam and other South East Asia countries

According to Mr. Huy Nguyen, Director of Kardia Labs Joint Stock Company, Da Nang needs to build the DaNangChain platform. This is also the basis for Da Nang to move forward to become a smart city and is also a prerequisite for forming a comprehensive digital financial centre. Da Nang’s investment in the DanangChain platform will serve its target of developing smart city building, digital finance and e-government platforms. This is the first thing that needs to be done. Besides, once Da Nang owns its platform, it will reduce operating costs and enable businesses to use the platform without having to go to other "chains" around the world.

It is known that DanangChain is expected to be completed in the third quarter of 2023 for the official launch in order to attract the participation of all units and businesses. It is projected that by the fourth quarter of 2024, Da Nang will launch the DanangChain platform, which will also be the first large-scale public blockchain infrastructure in not only Viet Nam but also in Southeast Asia as a whole.

According to Deputy Director of the Da Nang Department of Information and Communications Tran Ngoc Thach, Resolution No. 43-NQ/TW dated January 24, 2019 adopted by the Politburo on developing Da Nang by 2030, with a vision towards 2045, has identified IT industry, electronics and telecommunications associated with the digital economy as one of the city’s five key development priorities.

By 2030, the Da Nang will complete a smart city building plans synchronously connected with smart urban networks in the country and in the ASEAN region. The Prime Minister has agreed to allow Da Nang to develop a project to build itself into a regional international financial centre. Accordingly, the city has geared up the development of projects with many preferential policies, especially for investors and economic organisations, specific mechanism for the development of financial technology.

Under the city’s Digital Transformation Project, focus is placed on developing platforms for digital transformation, prioritising research into a number of core technologies that can make strong breakthroughs such as artificial intelligence (AI) and blockchain to create new business models, products and services of high value.

Currently, the Da Nang Department of Information and Communications is coordinating with the Viet Nam Informatics Association and experts to build the DaNangChain platform in digital asset management, adding value to the city's products. This platform will first be applied to handicraft products, OCOP products to help the city's product value be raised so that they can penetrate into other foreign countries. Besides, it serves for smart e-government tasks such as digital document management, digital museums, food traceability and land management.

Reporting THANH LAN - Translating by A. THU