Vietnam Launches akaChain to Drive National Digital Transformation

Vietnam Launches akaChain to Drive National Digital Transformation

Vietnam’s Ministry of Information and Communications has announced the launch of akaChain, a blockchain platform developed by leading IT firm FPT Software. This initiative is part of Vietnam’s ambitious national program for digital transformation, aiming to position the country among the global leaders in innovation and information technology by 2030.

The akaChain platform was handpicked by the Vietnamese government as a key enabler for digital transformation across both public and private sectors, reinforcing Vietnam’s commitment to building a robust digital economy.

Vietnam’s Digital Transformation Vision

Under a plan approved by the Prime Minister in July 2024, Vietnam aims to:

• Become a Top 50 global leader in information and communication technology (ICT) development.
• Rank among the Top 35 nations in the Global Innovation Index by 2030.

Deputy Minister Nguyen Thanh Hung highlighted the urgency of adopting digital solutions amid the ongoing impact of COVID-19, emphasizing the need for businesses to transition online.

“We trust FPT Software’s akaChain will help businesses quicken the process through blockchain-based applications such as eKYC, credit scoring, loyalty programs, and traceability,” said Hung.

akaChain: A Revolutionary Blockchain Platform

Developed by FPT Software, akaChain is an enterprise blockchain solution designed to meet the needs of businesses across various industries. Built on the Hyperledger Fabric framework, akaChain is a permissioned, multi-chain network that offers secure, transparent, and efficient digital transformation capabilities.

Core Features of akaChain:

• eKYC (Electronic Know Your Customer): Simplifies customer onboarding by automating identity verification.
• Credit Scoring: Enhances the accuracy of financial assessments for banks and lenders.
• Loyalty Programs: Streamlines reward systems for retail and customer engagement.
• Traceability: Tracks supply chain processes with unparalleled transparency and accountability.

Blockchain Beyond Cryptocurrencies

As FPT Software’s Vice President and COO Tran Dang Hoa explained, blockchain applications now extend far beyond cryptocurrencies. From retail and supply chain to finance and insurance, akaChain offers tailored solutions for modern business challenges.

“The key is to constantly improve security and transparency. Blockchain is the foundation for frictionless, secure connections between all parties in a digital ecosystem,” said Hoa.

Strengthening Vietnam’s Digital Economy

akaChain is expected to play a pivotal role in Vietnam’s digital transformation by:

1. Enhancing Business Operations: Helping enterprises—from SMEs to Fortune 500 companies—integrate blockchain solutions into their operations.
2. Building Digital ID Solutions: Simplifying identity verification for citizens and businesses.
3. Promoting a Digital Society: Enabling a seamless transition to e-Government, fostering trust and transparency in public services.

Early Success and Global Reach

Since its establishment in 2018, akaChain has supported numerous enterprises, offering blockchain-based services across diverse sectors, including:

• Retail: Optimizing customer loyalty and supply chain transparency.
• Banking and Finance: Enhancing security and efficiency in financial transactions.
• Insurance: Streamlining claims and policy management.
• Shopping Mall Management: Simplifying operations and improving customer experiences.

With a strong foundation in distributed ledger technology, akaChain has already gained the trust of clients ranging from local SMEs to global Fortune 500 firms.

Vietnam’s Blockchain Leadership

The launch of akaChain underscores Vietnam’s ambition to become a blockchain pioneer in the region. By integrating blockchain into its national digital transformation strategy, Vietnam aims to:

• Reduce inefficiencies in public and private sector operations.
• Build trust in digital platforms through enhanced security and transparency.
• Position itself as a hub for innovation and technology in Southeast Asia.

Challenges and Future Goals

While akaChain represents a significant milestone, Vietnam faces challenges in scaling blockchain adoption, including:

• Awareness and Education: Many businesses still view blockchain as a foreign concept, requiring increased outreach and training.
• Infrastructure Development: Scaling blockchain solutions across a developing economy demands substantial investment.
• Global Competition: Competing with established blockchain leaders like China and the United States.

Conclusion

Vietnam’s launch of akaChain marks a bold step toward its goal of becoming a global leader in digital innovation and ICT development. Backed by FPT Software’s technological expertise, akaChain is set to transform industries with its secure, transparent, and efficient blockchain solutions.

As Vietnam accelerates its digital transformation, akaChain will be instrumental in fostering a thriving digital economy, positioning the country as a leader in blockchain adoption and innovation.

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