Vietnam has officially launched a Blockchain national platform designed to serve as a gust for its expanding digital ecosystem.
Friday, Vietnam announced the launch of a blockchain network managed by the state, which will check digital transactions and recordings in different sectors.
The new platform, Ndachain, has been developed by the National Data Association (NDA) of the country and will be operated by the Center for Innovation and Data Operating the Ministry of Public Security.
The government has said that Ndachain would take up long -standing challenges of centralized data models, including cyber attacks, scalability and limited global integration.
Ndachain “criticism” with the local digital economy
Nguyen Huy, NDA technology manager, said blockchain would be a protective layer for the country’s live data. He said it will be “essential” to their company and their digital economy.
The announcement also said that blockchain will offer a “decentralized layer of confidence” for national systems, including electronic government, finance, health care, logistics and education. However, Huy said the network is not entirely decentralized.
“Vietnam has chosen a hybrid data architecture that mixes centralized and decentralized components,” said Huy.
NDA said that the network is an authorized layer 1 blockchain, with 49 knots of public-private validator.
State agencies, including the NDA and the Ministry of Public Security, will exploit these nodes. Companies like Sungroup, Zalo, Masan, Misa, Sovico and VNVC will also play a role in securing the network.
Authorized blockchain networks are blockchains that include access control layers. This allows entities to have some control over the actions that network participants can perform. He adds a safety and control layer, which makes the blockchain centralized.
These node operators will share a large book distributed for transaction records, intelligent contracts for automation and identity verification modules linked to national identity systems in Vietnam.
The platform takes place on a protocol of proof of authority (POA), improved with evidence of zero knowledge for security.
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Vietnam adopts a decentralized identity solution
In addition to transaction data, NDACHAIN will also feed NDA, a decentralized identity solution implemented by the NDA.
It will be used to verify the counterpart identity during transactions and allow access to services and the signing of the digital contract.
The Vietnamese government has said that the Nakey application will allow users to check the identities in a few seconds, aimed at preventing scams and digital identity theft.
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