HCM City plans to develop a regulatory framework and policies associated with blockchain technology to minimize potential risks in building a smart city, a top city official has said.
Tran Vinh Tuyen, vice chairman of the city’s People’s Committee, said: “The city will give top priorities to projects that apply science and technology, especially the use of artificial intelligence (AI) in solving the city’s problems and for smart urban development.” He also said the city would work with agencies to build a roadmap for the application of blockchain in the country.
After a decade of development, blockchain can now be used to build a secure communication platform for smart cities, providing better public services and optimal utilization of available resources, including e-government, urban transportation, and infrastructure needs.
According to the Asia Blockchain Review, Vietnam has become an emerging leader in the field of blockchain technology. More than 2,000 people attended the Vietnam Blockchain Week Conference last year, indicating that a strong blockchain community is growing well in the country.
According to the Asia Blockchain Review, Vietnam has become an emerging leader in the field of blockchain technology. More than 2,000 people attended the Vietnam Blockchain Week Conference last year, indicating that a strong blockchain community is growing well in the country.
Vietnam is among the world’s top 20 countries in terms of the number of internet users, social media users, and smartphone users.
Besides, the young population, fast internet development, and the increased number of e-payments are other factors that make Vietnam favorable for blockchain technology.
The Ministry of Science and Technology will give priority to blockchain start-ups through a new project called “Support a National Innovative Start-up Ecosystem by 2025,” according to Tuyen, vice chairman of the city People’s Committee.
To build a sustainable blockchain ecosystem, all major players including incubators, accelerators, and community building should be involved, experts said.
Vietnam could emerge as one of the next blockchain hubs in Southeast Asia and across the globe, which would help attract foreign investment thanks to huge cryptocurrency transactions and a labor force with a strong caliber, according to Forbes magazine.
Blockchain technology is a shared record of transactions that anyone can see or read. A locking method is employed to prevent any tampering by one party, which helps to make blockchain secure, according to experts.
The conference was attended by hundreds of local and international researchers, entrepreneurs, start-up representatives, and managers in the field of blockchain.
Source: Vietnamnews
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