Blockchain plays important role in digital transformation

Blockchain offers a range of useful things for businesses undergoing digital transformation, according to Mr. Nguyen Bach Viet, Project Manager and Sales Manager at the Microtec Vietnam Co. Ltd.

These includes transparency and trust in information. Humanity is now in the second development era of the internet, or Web 2.0 (Internet of Information), which allows users to put all kinds of information on the internet.

However, the limitation of Web 2.0 is that it is not possible to verify information, data files, and images exchanged throughout the internet. Therefore, Web 3.0, with the help of a series of technologies such as blockchain, IoT, and AI, can take people to an era of “Internet of Value”, with information verified and items such digital assets and movie tickets, etc., fully exchanged in cyberspace without concern about fraud.

Thanks to its decentralized structure combined with algorithms, blockchain helps speed up business processes, creating a high level of security in transactions, so there is no need for an intermediary. As B2B and B2C businesses move to digital markets, blockchain creates trust and security among consumers and trade and business partners.

Speed is a key factor for every business amid digital transformation. On this basis, the application of blockchain in business operations contributes to fully automated, reliable, and rapid transactions.

Blockchain also provides maximum transparency in the supply chain, from the procurement of raw materials and production to the distribution and sale of final products. There is less risk and the end-customer can trace product origin throughout the supply chain.