Hanoi (VNS/VNA) - Among key technologies of thefourth industrial revolution, blockchain is one of the breakthrough exampleswhich is predicted to lead the revolution in the coming decades.

Head of the Party Central Committee’s Economic CommissionNguyen Van Binh spoke at the Blockchain Forum 2018 – Vision and Development inHanoi on June 14.

"It can be seen that the fourth industrial revolution isfundamentally changing the world’s production, creating a powerful impact onall aspects of socio-economic life, leading to big changes in productionmethods and productive forces," Binh said.

According to him, blockchain is defined as the technology forstoring and transmitting information and data by blocks linked together andexpanded over time.

With its decentralised, transparent and high-securityfeatures, blockchain is evaluated as a revolutionary technology that driveschange in the future and is applied in many areas such as finance, retail,logistics and telecommunications.

Binh also said that many countries are seriously considering,studying and putting policies into effect for the full development ofblockchain.

Following global trends, Vietnam needs to continue tomonitor, encourage and promote the advantages of blockchain technology, as wellas, studying and developing policies to minimise risks, said Binh.

Also speaking at the forum, Minister of Science andTechnology Chu Ngoc Anh said the Blockchain Forum 2018 aimed to create an openspace for discussion on potential and challenges, the development trend ofblockchain technology through the sharing of international and domesticexperts, comments from representatives of Vietnamese Government agencies andenterprises.

The forum is one of the official channels for theauthorities, aiming to directly connect blockchain developers, enterprisesapplying the technology to management agencies to discuss, make recommendationsand proposals to improve the legal framework for the technology, electronicmoney, and digital assets in the future, he added.

The minister also said they will deploy related works tosupport the application of blockchain technology in socio-economic fields.

These works include coordinating with ministries and agenciesto study and develop plans for the application of blockchain; study theexperiences of other countries, advise the Party and the State to promote andcontrol the blockchain technology in Vietnam; and support the development ofblockchain technology through national-level science and technology programmes.

The Ministry of Science and Technology will prioritisesupporting start-up enterprises to implement the project “Supporting thenational innovative start-up ecosystem by 2025.”

The minister also asked the organising board of theBlockchain Forum 2018, especially online newspaper VnExpress, to set up onlineinformation channels and forums for information sharing as well as receivingpolicy recommendations from experts, scientists, enterprises and managers inand outside the country about the experiences and trend for blockchaindevelopment.-VNA