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Blockchain is usually only known as the foundation of Bitcoin (and the virtual currencies say they are). However, the Blockchain has the advantage of being able to transmit data bypassing intermediaries, increasing efficiency and speed of operation. The blockchain network consists of many independent points capable of connecting information but is only added when there is consensus of all points. This is a highly secure network as soon as a part of the system collapses.

Blockchain is completely capable of becoming a powerful technology in the future. The immutable nature of blockchain technology creates trust without the need for a centralized body such as a company or an organization to establish that belief. Check out the outstanding applications of Blockchain technology with leading Asian blockchain experts at the MOU Signing Ceremony event between European Blockchain Hub and Asia Blockchain Hub in Kuala Lumpur (Malaysia).

The technology behind virtual currencies

Blockchain is the technology behind the success of today's virtual currencies (the most famous is Bitcoin). With Blockchain technology, transactions will not be controlled by any government or third parties. Instead, its users order to record and confirm transactions when someone uses Bitcoin to pay for services or goods. This successful transaction is publicly recorded as blocks that are then placed in a chain, where it is verified by other Bitcoin users. On average, every 10 minutes, a new block is created and attached to the blockchain chain through "digging" (processing, payment confirmation).

Currently, virtual currency transactions have been accepted in many countries around the world, but the number of transactions is still very small.

Solving education management problem

Recently the incident in the high school exams in Son La and some other provinces has been a warning to our weaknesses in the management of education. Not only recently, but many years ago, fake university degrees and use of fake diplomas in personal records is becoming very popular.

Blockchain technology records every trace of a transaction and is irreversible. Therefore, no one can change it once the transaction has taken place. The data of this technology is concurrently stored on tens of thousands of computers of miners worldwide. So the possibility of data loss is almost unavailable.

Blockchain technology can very well solve the problems that traditional banks are currently facing: such as confidentiality, information security, significantly reducing the cost of transactions for customers.

Banks are aiming to form alliances to commercialize this technology. This will be a historic step changing the face of the banking industry.

Trade support

A lot of business activities involve exporting and importing various goods. Maintaining a record of the goods is a complex task, either manually or even with computer help - because anyone can change it. Therefore, blockchain will become an extremely appropriate solution.

In the agricultural sector

Walmart has successfully tested two projects using blockchain technology traceability of food. Before using blockchain technology, Walmart conducted a traceability test of a mango sold at one of Walmart supermarkets. As a result, Walmart takes 6 days, 18 hours and 26 minutes to trace the origin of mangoes from the original farm where they were harvested.

With the process of controlling the origin of agricultural products using blockchain technology, it helps reduce the time that companies and regulatory agencies need to identify the source of contaminated food and quickly control the spread and drought. Number of consumers affected.

Not only that, but Blockchain also helps prevent food fraud, according to a report by auditing firm PwC, that food frauds (poor quality or counterfeiting) cause damage to the food industry. worldwide, about 40 billion US dollars each year. Blockchain technology can help prevent food frauds by providing customers with transparency about the origin of food.

 In addition, blockchain technology 2.0 and above supports the "smart contract" feature - smart contracts can be used in many cases, minimizing errors in the process. Eliminating the intermediaries, the agricultural sector will generally save a lot of money for scaling up.

Smart contracts also avoid risks and ensure farmers' rights. Trading becomes easy between producers, distributors and sellers. It is possible to pay the entire contract in advance or in part for immediate execution through the confirmation and enforcement of the blockchain system. This also helps farmers to be paid in full without violating contracts or being forced by businesses.

Insurrance

Blockchain plays a huge role in the insurance industry. Because handling complaints from customers for specific reasons is a very difficult job. Blockchain, meanwhile, simplifies such complex tasks and helps the Insurance industry to make claims without any errors. Thus, it helps increase the trust of customers.

Health care

Health care is also one of the top people's concerns. Therefore, it needs to maintain medical records effectively and safely. For Blockchain, this is an easier task.

Internet of Things

IoT is one of the most talked-about technology topics in online applications. For such a system, it will need to ensure that various transactions can take place between devices as well as accurately record data. In other words, the system must be secure and automated. Blockchain is one of the best technology to do this.

Contact information

EG VIET NAM TRADING SERVICES COMPANY LIMITED

 Address: 22 Quach Vu Street, Hiep Tan Ward, Tân Phu Distrist, HCM City

 Phone: (+84)86 705 74 79

 Hotline:  (+84)86 707 74 79

 Email: info@egvietnam.com