Blockchain is a technology that has been in development for a long time, and is more widely known when it is associated with Bitcoin. Not only that, this “super technology” is applied in many fields and industries today. Tech Town will join you to learn more through this article!

What is blockchain?

Blockchain is a technology in which all data is encoded into blocks and connected together to form long chains. Every time a new information or transaction arises, the old information will not be lost, but instead new information will be saved to a new block and attached serially to the old block forming a chain.

Moreover, the information of the blockchain is not only located on a single server, but it will be automatically distributed and backed up on many different servers connected to the blockchain system, from which everyone can see and check their transactions. Each block contains information about the initiality time and is associated with the previous block, accompanied by a time code and transaction data. When the data is accepted by the network, there is no way to change it. Blockchain is designed to combat fraud, change of data.

Versions of blockchain technology

Blockchain 1.0 Technology – Currency and Payments: The main application of this version is cryptocurrency: including the conversion of currencies, remittances and the creation of a digital payment system. This is also the area most familiar to us that sometimes quite a few people mistakenly believe Bitcoin and Blockchain are one.

Blockchain Technology 2.0 – Finance and Markets: Application of Financial and Banking Processing: Scaling Up blockchain, bringing into financial and market applications. Assets include stocks, checks, debts, ownership and anything related to the agreement or contract.

Blockchain Technology 3.0 – Operational Design and Monitoring: Taking Blockchain Beyond Financial Boundaries, and Into Areas such as Education, Government, Health, and the Arts.

Blockchain’s application in the fields

Production

During the manufacturing process, blockchain acts as a ledger to monitor production processes, inventory, distribution, quality, transaction information… Blockchain will replace a smart device that grants effective management rights to significantly increase productivity for public chain management processes. 

For consumers, they can check whether the product is genuine or not, which will prevent all counterfeit products from on the market.

Health

In the healthcare sector, blockchain is applied to asset management and storage of information about patient health, warehouse management, orders, payments for medical devices as well as pharmaceuticals. Although there are many smart devices to monitor these services, there are many limitations on patient personal information security. Therefore, Blockchain is a priority option.

Education

When applying blockchain to education, the information stored on the blockchain is not only transcript data but also the training process, practical experience, recruitment history of each individual. Avoid cases of fraudulent applicants in the process of applying for scholarships, promotions …; to disclose education level, work experience, discipline. Not only that, with the smart contract feature, Blockchain also allows the automatic enforcement of the provisions in the training regulations, handles cases of violations of regulations, and improves the limitations in the teaching process if students have feedback.

Agriculture 

The food chain needs to become more sustainable to improve consumer trust, loyalty, and the key to improving trust is effective traceability. The distributed ledger system will assist retailers and consumers in storing transaction information and increasing the transparency of information throughout the flow of products from production facilities to processing facilities to distributors, supermarkets, retail stores, and ultimately consumers.

The data related to quality management, price management, financial management, and sales management can continue to update in the blockchain series.

Ecommerce

According to many experts, the retail market is now gradually transferred to the form of online trade especially with the development of e-commerce floors. That raises the problem of security, supply chain management, the process of transporting goods to consumers, costs from traditional ways to create multiple barriers between consumers and manufacturers.

Blockchain solves that problem with smart contracts, creating conditions for signatories to easily, linking with multinational enterprises with cost savings by eliminating intermediaries, payment solutions are also attached directly on websites and e-commerce platforms.

Media and telecommunications

By implementing cloud platform blockchain solutions that will help communications service providers optimize existing processes while enhancing network security, reviewing the entire operating process, processes such as roaming, and identity management in their business models. From there, improve and develop better services.

In addition to the above areas, blockchain promises to be applied extremely widely in all industries. There are many large companies and corporations that are building their own networks using blockchain technology. It is certain that blockchain will revolutionize the next few years in Vietnam and play an increasingly large role in changing the world of INFORMATION TECHNOLOGY.

Tech Town is a technology company from Vietnam, specializing in providing technology solutions by using the most advanced techniques such as Blockchain, AI, machine learning… Tech Town is also a professional outsourcing company that has cooperated with partners from many countries around the world such as the Netherlands, Japan, Australia, The United Kingdom, New Zealand, Singapore.

Contact us if your business faces any technological obstacles.

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