Thanks to Blockchain: Vietnam to get Smart City

Ho Chi Minh City (HCM City) is regarded as the economic centre of Vietnam. According to media reports, the metropolis of millions in the south of the country now wants to massively promote the expansion of blockchain technology. The vice-chairman of the city’s parliament, Trần Vĩnh Tuyến, announced during a conference the promotion of distributed ledger technologies (DLT) as Vietnam News headlines. Accordingly, DLT is to be used primarily for the expansion of the Smart City.

Saigon is getting help from the outside. During the conference, the supervisory board of Saigon’s high-tech park, where the event took place, signed a Memorandum of Understanding (MoU) with HD KING Technology World Co. Ltd. The contribution HD KING will make to promoting blockchain technology, however, remains vague. After all, the company is a manufacturer of electronic devices such as action cameras.

 

In addition, the South Korean accelerator CBA is intended to bring Saigon’s vision of a state-of-the-art smart city a little closer and promote start-ups that are active in the industry. A corresponding MoU was also signed at the conference.

“The invention of the blockchain has made financial transactions more efficient, more transparent and easier. Online payments can be sent directly from one party to another without going through intermediaries such as financial institutions, commercial banks or central banks”

 

the Chairman of the Supervisory Board of the Saigon High-Tech Park, Lê Bích Loan, is quoted. After a bumpy start, the technology is now ready for application. Vietnam is not known for its crypto-friendly attitude. After all, Bitcoin & Co. have been completely banned in the Southeast Asian country since January 1, 2018. The use of crypto currencies cannot be completely prohibited due to their decentralized and pseudonymous structure. However, the import stop of mining hardware into the country shows the clearly restrictive attitude of the authorities with regard to Bitcoin.

The authorities seem to separate blockchain applications from crypto currencies. The latest reports on the intentions of the Saigon parliament to turn HCM City City into a Smart City cannot be explained otherwise.

However, HCM City is not alone in its plans to deploy DLT in the city of tomorrow. As BTC-ECHO already reported, China is the main promoter of the digital networking of urban space by means of blockchain technology. The measures, which are part of China’s Blockchain Initiative, have the goal of interconnecting 100 cities by 2020.