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What is the simplest definition of blockchain? A reliable record, hard to hack transactions - and what's owned by the owner. Blockchain is a decentralized database that stores information in information blocks linked together by encryption and extending over time.

Each information block contains initialization time information and is linked to the previous block, along with a time code and transaction data.

Blockchain is designed to resist data changes: Once the data has been accepted by the network, there is no way to change it, helping to record information securely on the peer network. Although it was originally created to trade Bitcoin, the potential of blockchain far exceeds that of cryptocurrencies.

Blockchain is guaranteed by the design using a decentralized computing system with high byzantine fault tolerance, a decentralized consensus can be achieved by Blockchain.

So Blockchain is suitable for recording events, medical records, transaction processing, notarization, identity and proving the source. This has the potential to help eliminate major consequences when data is altered in the context of global trade.

This technology is still new, but the potential impact it could have on business is very interesting and enormous.

Blockchain  is considered by experts in the world as a main accounting book (or ledger) of a company, where all activities related to money of the company are strictly monitored. In this case Blockchain is a ledger operating in the field of technology, and stored data is digital data.

One of the most practical applications is the field of virtual money (Bitcoin), which has gradually become popular worldwide. Understanding that trend, E-GROUPS Vietnam has approached and implemented the international money transfer system with this technology.

The demand for international money transfers is increasing when the economy is continuously growing, especially with newly developing economies such as Asia, Southeast Asia ... Vietnam is a grave place in countries not outside of Vietnam. that trend.

According to annual statistics, the amount of remittance transferred to Vietnam is up to 30 billion USD, accounting for about 30% of the proportion of the domestic economy. The transactions of money transfer of import and export of Asian goods continued to increase rapidly in both quantity and value. That's why international transactions are more important than ever.

Previously, international money transfers were usually conducted via banks, in which, there were some outstanding services of international banks such as Western Union or Money Gram, etc. As a priority, customers often accept huge fees of up to 5-6%.

In recent years, the trend of using virtual currencies (digitalized money) has become more popular and widely issued. Among them is the outstanding technology BlockChain and the current most valuable coin using this technology is BitCoin. BlockChain is a relatively new technology in Vietnam, it is being studied by the government and provides a legal framework to manage. BlockChain has a foothold in the security technology that no one has hacked yet, which makes virtual currencies safer than ever, as the Internet world has constantly witnessed many cyber attacks. , and security on the Internet is vital to virtual currency technologies.

 E-GROUPS Vietnam is proud to be the first unit to apply virtual currency technology to serve international money transfers. We have coordinated with French BlockChain experts to deploy many of the first BlockChain Money Transfer Software projects in Vietnam with an experienced team of  E-GROUPS Vietnam