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What is blockchain technology?

Blockchain is a technology that stores and transmits data information by blocks that are linked and expand over time. Each block contains information about the initialization time and is linked to the previous blocks.

Blockchain is considered as an accounting ledger operating in digital field. Blockchain has many independent nodes capable of validating information in data transmission without requiring intermediaries to verify information.

Besides, Blockchain is designed to resist data change when a Blockchain chain is managed by a decentralized network. Data that has been written to a block cannot be changed without making changes in adjacent blocks. In other words, the information in Blockchain cannot be changed and can only be added with the consent of all nodes in the system. So this is a high security system against the possibility of data theft. Even when part of the Blockchain system collapses, other computers and nodes will continue to protect information and keep the network running.

Main features of Blockchain

  • Cannot be faked and destroyed Blockchain chains: Destroyed only when there is no internet.
  • Immutable: If the transaction or data were recorded by the private key holder (the secret key – only the creator of the Blockchain) that data cannot be repaired.
  • Data security: Information and data about blockchain chains are distributed and absolutely safe.
  • Only the private key holder has access.
  • Transparency: Anyone can follow the path of the blockchain from address to address and statistics the entire history on that address. Smart contracts: The digital is embedded by a piece of code (IFTTT), allowing them to execute on their own. In fact, there will be an intermediary ensuring that all parties comply with the terms.

Types and versions of Blockchain technology
  • Blockchain technology system is divided into 3 main types:
  • – Public: Everyone has the right to read and write data. The process of authenticating transactions requires thousands or thousands of nodes to participate. Therefore, it is impossible to attack this Blockchain system because of the high cost. For example: Bitcoin.
  • – Private: Users only have permission to read data. This organization may or may not allow users to read data in some cases. Because this is a Private Blockchain, the transaction confirmation time is quite fast because only a small number of devices are required to authenticate transactions.

        – Permissioned: A form of private but with certain features added.

  • Version of Blockchain technology:
    - Version 1.0 - Currency, payment: including currency conversion, setting up a digital payment system.
    
    - Version 2.0 - Finance, market: dealing with finance and banking: expanding the scale of Blockchain, bringing into financial and market applications. Assets: stocks, checks, liabilities, ownership, and terms / agreements.
    
    - Version 3.0 - Design and supervision: Bringing Blockchain into areas such as education, government, health and art ..
Blockchain's application in practice

The security and decentralization make blockchain suitable for carrying out event data records, medical records, civil status management, transaction management, food traceability, or in elections. election voting.

For production:

  • If a dairy enterprise applies Blockchain to product quality management, managers and consumers can access the information. Producers can count and store all milk in the market, know the amount of milk consumed, the amount of milk in expiry date & expired.

For consumers:

  • Consumers can apply Blockchain to check whether or not the milk box is genuine to prevent counterfeit products in the market.
    Walmart - a US retailer is one of the pioneer businesses using Blockchain. Currently, the brand has used Blockchain to track the source of pork imported from China.

For health sector:

  • When a person goes for a medical examination or examination, all results of his or her examination will be stored. The use of Blockchain technology will help patients secure all their information and testing indicators. In the case of patients wishing to transfer to another hospital anywhere, they only need to transfer information on the Blockchain chain even though the two hospitals (initial examination and new treatment places) are not in the same language or history. Use different software.

For financial industry:

  • Many banks and other financial institutions have researched and applied Blockchain technology in their professional operations. In Asia, OCBC Bank is the first bank in the world to use Blockchain technology in domestic and international remittance services. This has increased efficiency, transparency, reduced costs and improved customer experience.

Blockchain technology is seen as a method to cut costs and time clearing interbank transactions as well as create a safer system. What is special is that many financial institutions have formed alliances to commercialize Blockchain technology: For example, the R3 alliance of Australia’s three largest banks including Westpac, Commonwealth, NAB along with 40 banks and Many other financial institutions around the world.

And Bitcoin is the first application of Blockchain, a peer-to-peer coin on the computer network that has stormed Vietnam’s financial market.

In Vietnam, Blockchain technology is applied mainly in the fields of financial services (more than 83%), supply chains (40%), public services (30%), energy (30%). , education (30%), etc. Until now, most startups use Blockchain in the financial sector such as VBTC.

Blockchain is a valuable treasure or just a waste product depending on the usage of each business. Making the best use, businesses will quickly rise to lead in the fierce competition in the market.

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