Blockchain has been a keyword over the past few years, and it’s really no surprise that it is changing the dynamics of many industries. Blockchain technology is expected to revolutionize the way businesses do business, not only in the banking industry but also across sectors like healthcare, government, retail and more.
Some of the ways blockchain technology will change the future of the banking system are as follows: (1) Fast international money transfers; (2) Helps increase security and reduce fraud; (3) Blockchain has the potential to significantly reduce banking service costs and improve product quality; (4) Helps to reduce human error; (5) Blockchain can help speed up the peer-to-peer (P2P) lending process. With these features, Blockchain technology is now considered to have great potential in overhauling the way the banking industry works and making it more transparent, efficient, secure and cost-effective.
However, in order to make the most of the applications of blockchain technology, banks first need to develop the necessary infrastructure to operate the appropriate applications. At the same time, a lot of banks – financial institutions are needed to participate in the process of applying blockchain technology in order to soon promote the legal corridor as well as policies that allow piloting solutions in Vietnam and international.
The Vietnam Blockchain Association in collaboration with the Vietnam Banks Association co-organized the Seminar “Opportunities and challenges for blockchain application into operation in the financial industry”
Time: 08:30 on October 26, 2022 (Wednesday morning).
Location: Headquarters of the State Bank of Vietnam, No. 25 Ly Thuong Kiet, Hanoi.