Blockchain applications in business and financial activities in Vietnam
Situation, trends, opportunities and challenges
Keywords:banking, blockchain technology, business, digital transformation, finance
The emergence and rapid development of blockchain technology is an important milestone in the development of every country across the world. In Vietnam, blockchain is applied in many aspects of life, such as finance, banking, business, commerce, e-commerce, tourism, education, and healthcare. Previously, blockchain was known as the origin of cryptocurrencies. However, in recent years, blockchain technology and its applications have gone far beyond cryptocurrencies. This study aimed to assess the current situation, development trends, opportunities, and challenges in applying blockchain in business and financial activities. The research analyzed the Vietnamese government’s policies related to blockchain technology. In addition, the study updates the development trends of blockchain technology in business and financial activities through international scientific conferences, books, newspapers, and magazines. The study’s findings indicate that Vietnam is a high potential market for developing blockchain technology. Also, Vietnam faces many opportunities and challenges in catching up with this trend, especially when Vietnam is implementing many policies to develop the digital economy. Therefore, thanks to assessing the current situation, development trends, opportunities, and challenges in Vietnam, the study helps to suggest some solutions for the difficulties in applying blockchain technology, especially the thirst for human resources in the blockchain industry.
Ahluwalia, S., Mahto, R. V., & Guerrero, M. (2020). Blockchain technology and startup financing: A transaction cost economics perspective. Technological Forecasting and Social Change, 151, 119854. https://doi.org/10.1016/j.techfore.2019.119854
Aithal, P. (2016). Ideal banking concept and characteristics. International Research Journal of Management, IT and Social Sciences, 3(11), 53-63. Retrieved from https://sloap.org/journals/index.php/irjmis/article/view/425
Ali, M. S., Vecchio, M., Pincheira, M., Dolui, K., Antonelli, F., & Rehmani, M. H. (2018). Applications of blockchains in the Internet of Things: A comprehensive survey. IEEE Communications Surveys & Tutorials, 21(2), 1676-1717.
Ali, O., Ally, M., & Dwivedi, Y. (2020). The state of play of blockchain technology in the financial services sector: A systematic literature review. International Journal of Information Management, 54, 102199. https://doi.org/10.1016/j.ijinfomgt.2020.102199
Alketbi, A., Nasir, Q. & Talib, M.A. (2018), ‘Blockchain for government services—Use cases, security benefits and challenges’, 15th Learning and Technology Conference (L&T) (pp. 112-119). IEEE.
Arndt, T., (2018), ‘Empowering University Students with Blockchain-Based Transcripts’. In 15th International Conference on Cognition and Exploratory Learning in Digital Age (CELDA 2018). International Association for Development of the Information Society, 399-400.
Bhutta, M.N.M., Khwaja, A.A., Nadeem, A., Ahmad, H.F., Khan, M.K., Hanif, M.A., Song, H., Alshamari, M. & Cao, Y. (2021), ‘A survey on blockchain technology: evolution, architecture and security’. IEEE Access, 9, pp.61048-61073.
Bourgi S., (2021), Vietnam leads crypto adoption in Finder's 27-country survey. Accessed May 31, 2022
Burgess, K. & Colangelo, J. (2015), The promise of bitcoin and the Blockchain. Consumers’ Research.
Chatterjee, R., & Chatterjee, R. (2017, October). An overview of the emerging technology: blockchain. In 2017 3rd International Conference on Computational Intelligence and Networks (CINE) (pp. 126-127). IEEE.
Digital Asset Management Center, (2022), ‘Review Of The Market 2021 And Challenges Opportunities 2022 For Blockchain Vietnam’, International Conference on Blockchain and Advanced Financial Management. Ton Duc Thang University.
Efanov, D. & Roschin, P. (2018), ‘The all-pervasiveness of the blockchain technology’. Procedia computer science, 123, pp.116-121.
Farrier N., (2022). The Explosion of the GameFi Era. Accessed May 16, 2022
Galen, D., Brand, N., Boucherle, L., Davis, R., Do, N., El-Baz, B., Kimura, I., Wharton, K. & Lee, J. (2018), Blockchain for social impact. Stanford Graduate School of Business: RippleWorks.
Garg, P., Gupta, B., Chauhan, A. K., Sivarajah, U., Gupta, S., & Modgil, S. (2021). Measuring the perceived benefits of implementing blockchain technology in the banking sector. Technological forecasting and social change, 163, 120407. https://doi.org/10.1016/j.techfore.2020.120407
Hartley, J. L., & Sawaya, W. J. (2019). Tortoise, not the hare: Digital transformation of supply chain business processes. Business Horizons, 62(6), 707-715. https://doi.org/10.1016/j.bushor.2019.07.006
Hawlitschek, F., Notheisen, B., & Teubner, T. (2018). The limits of trust-free systems: A literature review on blockchain technology and trust in the sharing economy. Electronic commerce research and applications, 29, 50-63. https://doi.org/10.1016/j.elerap.2018.03.005
Hien Minh, (2022), Digital transformation and life in Vietnam in the next 10 years: An expert's perspective. Accessed May 18, 2022
Hoang Giang, (2021), Blockchain technology: Opportunities for Vietnamese start-ups. Accessed June 30, 2022
Hou, H. (2017), ‘The application of blockchain technology in E-government in China’, 26th International Conference on Computer Communication and Networks (ICCCN) (pp. 1-4). IEEE.
Jimoh, F.O., Abdullahi, U.G. & Ibrahim, I.A. (2019), ‘An overview of blockchain technology adoption’. Journal of Computer Science, 7(2), pp.26-36.
Komalavalli, C., Saxena, D. & Laroiya, C. (2020), Overview of blockchain technology concepts. In Handbook of Research on Blockchain Technology (pp. 349-371). Academic Press.
Kramer, M. (2019), ‘An overview of Blockchain technology based on a study of public awareness’. Global Journal of Business Research, 13(1), pp.83-91.
Le Thi Oanh (2019), ‘The Industrial Revolution 4.0 And Its Impacts On Accountant Career’. Review of Finance, 3, 51-53.
Li, F. (2020). The digital transformation of business models in the creative industries: A holistic framework and emerging trends. Technovation, 92, 102012. https://doi.org/10.1016/j.technovation.2017.12.004
Mai Anh, (2022), Human Resources for Blockchain will explode in 2022? Accessed May 27, 2022
Marr, B. (2018), 35 Amazing Real World Examples Of How Blockchain Is Changing Our World. Accessed May 25, 2022 from https://www.forbes.com/sites/bernardmarr/2018/01/22/35-amazing-real- world
Min, H. (2019). Blockchain technology for enhancing supply chain resilience. Business Horizons, 62(1), 35-45. https://doi.org/10.1016/j.bushor.2018.08.012
Ministry of Science and Technology, (2021), Vietnam Science, Technology and Innovation Report. Project 844.
Mohanta, B. K., Jena, D., Panda, S. S., & Sobhanayak, S. (2019). Blockchain technology: A survey on applications and security privacy challenges. Internet of Things, 8, 100107. https://doi.org/10.1016/j.iot.2019.100107
Morkunas, V. J., Paschen, J., & Boon, E. (2019). How blockchain technologies impact your business model. Business Horizons, 62(3), 295-306. https://doi.org/10.1016/j.bushor.2019.01.009
Nakamoto, S. (2008), Bitcoin: A peer-to-peer electronic cash system. Decentralized Business Review, p.21260.
Navadkar, V.H., Nighot, A. and Wantmure, R. (2018), ‘Overview of blockchain technology in government/public sectors’. International Research Journal of Engineering and Technology, 5(6), pp.2287-2292.
Newzoo, (2021), Global Games Market Report 2021. Accessed May 20, 2022
Nguyen Nham (2022), Vietnam Blockchain market and some issues to be a concern. Financial & Monetary Market Review. Accessed June 04, 2022
Pereira, J., Tavalaei, M.M. & Ozalp, H. (2019), ‘Blockchain-based platforms: Decentralized infrastructures and its boundary conditions’. Technological Forecasting and Social Change, 146, pp.94-102.
Pólvora, A., Nascimento, S., Lourenço, J.S. & Scapolo, F. (2020), ‘Blockchain for industrial transformations: A forward-looking approach with multi-stakeholder engagement for policy advice’. Technological forecasting and social change, 157, p.120091.
Provenance (2015), Blockchain: the solution for transparency in product supply chains. Accessed May 27, 2022
Quang, N, N. (2021), ‘Blockchain application in L/C transactions at Vietnamese commercial banks’, Banking Review. Accessed June, 25, 2022
Reputa, (2021), Report of Blockchain market on Social Media in Vietnam 2021. Accessed June 04, 2022
Sharples, M. & Domingue, J. (2016), ‘The blockchain and kudos: A distributed system for educational record, reputation and reward’, European conference on technology enhanced learning (pp. 490-496). Springer, Cham.
Sheth, H. & Dattani, J. (2019), ‘Overview of blockchain technology’. Asian Journal For Convergence In Technology (AJCT) ISSN-2350-1146.
Solomon, E. A. (2021). Organizational value systems and firms’ competitive advantage in the Nigerian banking industry. International Research Journal of Management, IT and Social Sciences, 8(4), 303-312. https://doi.org/10.21744/irjmis.v8n4.1893
Swan, M. (2015), Blockchain: Blueprint for a new economy. O'Reilly Media, Inc.
Tran Thi Huyen Trang (2021), The potential of blockchain technology in Vietnam. Vietnam Journal of Science and Technology. Accessed May 30, 2022 from https://vjst.vn/vn/tin-tuc/5179/tiem-nang-cua-cong-nghe-blockchain-tai-viet-nam.aspx
Upadhyay, A., Mukhuty, S., Kumar, V., & Kazancoglu, Y. (2021). Blockchain technology and the circular economy: Implications for sustainability and social responsibility. Journal of Cleaner Production, 293, 126130. https://doi.org/10.1016/j.jclepro.2021.126130
Vokerla, R.R., Shanmugam, B., Azam, S., Karim, A., De Boer, F., Jonkman, M. & Faisal, F. (2019), ‘An overview of blockchain applications and attacks’, International conference on vision towards emerging trends in communication and networking (ViTECoN) (pp. 1-6). IEEE.
Vuji?i?, D., Jagodi?, D., & Ran?i?, S. (2018), ‘Blockchain technology, bitcoin, and Ethereum: A brief overview’, 17th international symposium infoteh-jahorina (infoteh) (pp. 1-6). IEEE.
WincoLaw, (2021), What is Blockchain Technology? Practical applications of Blockchain in life. Vietnam International Patent, Trademark & Copyright Law Frim. Accessed May 31, 2022
Woodside, J. M., Augustine Jr, F. K., & Giberson, W. (2017), Blockchain technology adoption status and strategies’. Journal of International Technology and Information Management, 26(2), 65-93.
Xie, J., Tang, H., Huang, T., Yu, F.R., Xie, R., Liu, J. & Liu, Y. (2019), ‘A survey of blockchain technology applied to smart cities: Research issues and challenges’. IEEE Communications Surveys & Tutorials, 21(3), pp.2794-2830.
Yli-Huumo, J., Ko, D., Choi, S., Park, S. & Smolander, K. (2016), ‘Where is current research on blockchain technology? a systematic review’. PloS one, 11(10), p.e0163477.
Zhang, P., Schmidt, D.C., White, J. & Lenz, G. (2018), Blockchain technology use cases in healthcare. In Advances in computers (Vol. 111, pp. 1-41). Elsevier.
Zhao, J.L., Fan, S. & Yan, J. (2016), ‘Overview of business innovations and research opportunities in blockchain and introduction to the special issue’. Financial innovation, 2(1), pp.1-7.
Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017). ‘An overview of blockchain technology: Architecture, consensus, and future trends’, IEEE International congress on big data (BigData congress) (pp. 557-564). IEEE.
How to Cite
Copyright (c) 2022 International research journal of management, IT and social sciences
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Articles published in the International Research Journal of Management, IT and Social sciences (IRJMIS) are available under Creative Commons Attribution Non-Commercial No Derivatives Licence (CC BY-NC-ND 4.0). Authors retain copyright in their work and grant IRJMIS right of first publication under CC BY-NC-ND 4.0. Users have the right to read, download, copy, distribute, print, search, or link to the full texts of articles in this journal, and to use them for any other lawful purpose.
Articles published in IRJMIS can be copied, communicated and shared in their published form for non-commercial purposes provided full attribution is given to the author and the journal. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
This copyright notice applies to articles published in IRJMIS volumes 7 onwards. Please read about the copyright notices for previous volumes under Journal History.