Blockchain technology appeared in the years of 1991 but users really only know and understand about Blockchain through the appearance of Bitcoin in 2008 and the explosion of cryptocurrencies in recent years. But the value of Blockchain technology is really a treasure that needs to be understood and applied practically in many areas that today's managers have not fully understood.
In terms of technology, Blockchain is a database system that allows storing and transmitting complex encrypted information through blockchains that operate independently and are scalable over time, managed by nodes (servers) without going through a third party. Information that has been uploaded to the Blockchain system can only be added, not changed. From there, creating the transparency and security of the data stored on the Blockchain.
According to IBM's practical definition, Blockchain is an immutable, shared ledger that facilitates the process of recording transactions and tracking assets within a business network. An asset can be tangible (house, car, cash, land) or intangible (intellectual property, patents, copyrights, trademarks). Almost anything of value can be tracked and transacted on the blockchain network, reducing risk and cutting costs for all participants.
Today, users almost confuse Blockchain technology with Bitcoin and many other cryptocurrencies. At the same time, there are many fake and dangerous business models and business projects about cryptocurrencies that make users look afraid and wary about Blockchain. In fact, Blockchain solves many problems of trust and transparency in business when the nature of business is information. The faster and more accurate information is received, the better.
Blockchain is the ideal technology to deliver that information as it provides instant, shared and completely transparent information. A blockchain network can track orders, payments, accounts, production, and more. Because of that multi-application, Blockchain today is being researched and applied in many fields:
- Agriculture: application in product supply chain management, storage of care process information, standards for clean food and especially in traceability.
- Logistics: authenticate documents clearly and transparently, smart package with digitally printed code, combine artificial intelligence (AI) and Internet of things to monitor journeys and methods convenient transportation, reduce intermediate costs, save costs.
- Education: the application helps to limit fraud in the process of studying, applying for scholarships, and working... overcoming false declarations of educational qualifications, work experience... when monitoring and store transcripts and degrees of students and information of training institutions such as universities, skill centers, etc. on Blockchain.
- Information communication - Social network: Blockchain application helps to increase security when managing customer identity and authentication through virtual ID, creating a safe data transmission environment through a self-governing peer-to-peer network, room service. against fraud and hackers.
- Finance - banking: The digital ledger always verifies through Smart Contracts, pays and updates peer-to-peer transactions continuously, manages and minimizes risks in payment due to problems with technical problems, saving time - transaction costs, limiting financial risks.
Understanding the value and applicability of Blockchain is when the "Blockchainization" model is applied in all transactions - commerce - operation - production in all socio-economic fields, mining the omnipotence characteristic of Blockchain, creating an ecosystem of products - services - solutions integrated with Blockchain technology.
BOM Software (under LATOI Group) has been developing a product ecosystem integrating Blockchain technology and AI, IoT to solve user needs and social issues in many fields such as Plant Doctor application in disease recognition with AI (AI Doctor), low-cost smart farm model solution integrating IoT and Blockchain traceability, software for tracking and locating containers on the route (Tracking – Cargo), Blockchain social network and secure messaging application, user-protected browser (LATOI Browser), aimed at a protected user community through transactions - payments made on the Blockchain platform.
When people understanding the true value of Blockchain, managers, businesses, investors, etc. will have the insight to build, apply and invest in a smart way to create sustainable value for the community.