Blockchain technology predicts the future of the financial industry

According to the information shared at the seminar “Blockchain: A feasible future for financial management” by RMIT Vietnam University, RMIT Blockchain Innovation Center (RMIT Blockchain Innovation Hub) and CPA Australia held on 1/1 In Hanoi, Dr. Chris Berg from RMIT University in Australia said: In the context of the current industrial revolution, Blockchain is increasingly known as a technology with great potential in the world. as in Vietnam.

Blockchain is being considered as one of the groundbreaking innovations, one of the most powerful impact technologies developed in recent years.

With preeminent features such as high security and indelible, Blockchain evaluation technology will be applied in many fields such as financial technology, banking, manufacturing industry, services, supply chains. education, education. In addition, Blockchain is also used in government agencies to manage population and transport data.

Taking specific examples of banking and finance, Blockchain technology allows managing data, assets and securing transactions.

Blockchain technology with complex algorithms, high security, allows to disable data modification intervention, greatly reducing the possibility of errors when comparing complex information from various sources . Blockchain also eliminates the need to use an intermediary (third party), contributing to speed up payment and reduce costs in transactions.

Because of these benefits, this technology is being promoted in interbank transactions, helping to ensure a higher level of security than traditional trading methods. “Blockchain is one of the driving forces of today’s 4.0 industrial revolution. During the 4.0 industrial revolution, Blockchain is also the foundation for the application of artificial intelligence, automation and big data technologies. “Dr. Chris Berg emphasized at the workshop.

According to Dr. Chris, Blockchain technology appeared in the world for about 10 years, although there are many effective applications, but until now the technology is still in the first phase of application and continues to be completed. .

However, according to the assessment of an expert from RMIT University, the development of Blockchain is also an opportunity for Vietnam to explore, exploit and apply in real fields to create great leaps and leaps, especially in the development of manufacturing and finance. Because of the huge potential for application in the financial industry, Vietnam can embark on a study of Blockchain technology to create great leaps and bounds in the future.

According to Dr. Chris Berg, businesses in Vietnam are also interested in Blockchain technology at the supply chain optimization level as an application to monitor the flow of import and export goods and trade transactions. economic etc.

Blockchain technology has different designs and uses for each industry and field, the problem is to optimize the application. Vietnam, although developing after many countries in the Blockchain application, can learn from the experiences of more developed countries and apply them in practice.

In addition, Blockchain technology possesses high security features, which can prevent network security risks much better than old technologies before hacker attacks.

Also according to Dr. Chris Berg, RMIT University has had many researches and studies about the impact of Blockchain on the activities of the government and the business community … in order to accompany enterprises and businesses. government, economic sectors to promote the advantages and understand the reverse of Blockchain in the application.

In 2018, RMIT University launched its first short-term course in Australian university program on Blockchain strategy at Melbourne campus, to keep up with the trend of Blockchain training – an emerging industry and increasingly affirmative position. important thing.

“It is expected that we will replicate Blockchain undergraduate and postgraduate courses, hoping to deploy them in Vietnam at the beginning of 2020,” said Dr. Chris Berg.