Blockchain technology vital in building smart city – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Lê Bích Loan, acting head of the Saigon Hi-Tech Park’s board of management (left), at the signing of an MoU between the incubator centre and South Korea’s CBA Ventures last Friday in HCM City. — VNS Photo Bồ Xuân Hiệp

HCM CITY — HCM City plans to develop a regulatory framework and policies associated with blockchain technology to minimise potential risks in building a smart city, a top city official has said. 

Trần Vĩnh Tuyến, vice chairman of the city’s People’s Committee, said: “The city will give top priorities to projects that apply science and technology, especially the use of artificial intelligence (AI) in solving the city’s problems and for smart urban development.”

Speaking at Saigon Hi-tech Park’s annual conference last Friday, Tuyến said the city would work with agencies to build a roadmap for the application of blockchain in the country. 

In addition, the Ministry of Science and Technology will give priority to blockchain start-ups through a new project called “Support a National Innovative Start-up Ecosystem by 2025,” he said. 

Võ Thị Trung Trinh, deputy director of the city’s Department of Information and Communications, said that blockchain could be used in public services and urban management.

To build a smart city, the city needs technology-based solutions to build a digital government, she added. 

Lê Bích Loan, acting head of the Saigon Hi-Tech Park’s board of management, said that blockchain technology appeared around 2008 after the global financial crisis of the Lehman Brothers’ investment bank in the US. 

“The invention of blockchain has made financial transaction systems more efficient, transparent and simpler since online payments can be sent directly from one party to another without going through any intermediary organisations such as financial institutions, commercial banks or…

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