The Vietnamese government, through the Ministry of Information and Communications, has revealed the establishment of an enterprise blockchain platform dubbed akaChain in line with its national program for digital transformation.
Blockchain-enabled KYC
akaChain was developed by FPT Software, a leading IT firm, hand-picked by the Vietnamese government in its quest to propel digital transformation in both the private and public sectors.
This blockchain platform is viewed as a stepping stone because Vietnam seeks to become a global top 50 nationally in terms of information and communication technology by 2030. Additionally, it is eyeing a top 35 slot in the worldwide innovation arena.
The Deputy Minister in the Ministry of Information and Communications, Nguyen Thanh Hung, asked local businesses to keep a watchful eye in digital transition as akaChain could hasten processes like credit scoring.
He noted:
“As COVID-19 looms large, it is more important than ever to take their business online. We trust FPT Software’s akaChain will help businesses to quicken the process through blockchain-based applications such as eKYC (electronic Know Your Customer), credit scoring, loyalty programs, traceability, etc., which would be very challenging in the absence of technologies.”
The blockchain platform is built on the Hyperledger Fabric, and it prompts a transparent, secure, and frictionless connection for all stakeholders involved.
Digital ID solutions
The Vietnamese government will use the akaChain platform to hasten the validation of personal information.
This will be a game-changer as the blockchain system will boost transparency and security in government activities. It will act as the foundation for a digital economy, e-Government, and digital society.
A global UAE bank recently began to build blockchain-powered architecture for sovereign and federated digital identity. As a result, critical banking procedures like loan application, customer onboarding, and account opening will be streamlined.
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