At a recent conference on application of AI and blockchain in market connection and online payments, organized by the National Agency for Technology Entrepreneurship and Commercialization Development under the Ministry of Science and Technology, Deputy Minister of Science and Technology Tran Van Tung said Vietnam is entering the fourth industrial revolution. Unlike the previous revolution, which was mainly based on the application of machines to streamline mass production, this scientific and technological progress promises to be an automation revolution through access to digital information instead of using human resources to maintain industrial production processes.

Among the technologies, the potential for application of AI and blockchain for improving the efficiency of market connection and ensuring security and safety for the finance and banking sector is huge, because the two technologies analyze huge amounts of data and resolve specific industry problems.

“Vietnam can become a technology center of the region and the world, and an attractive destination for technology investors and development partners,” Tran Van Tung said. Vietnam should take advantage of the wave of digital technologies such as AI and blockchain to create momentum for rapid growth of the digital economy, he added.

Tran Van Tung said that in recent years, Vietnam’s large technology corporations such as FPT and VNPT have taken initial steps in application of AI and blockchain, and have yielded significant results.

According to Sao Bac Dau Joint Stock Company, many Vietnamese businesses have developed and applied blockchain technology in the agricultural sector, marking a new step forward in enhancing the quality of agricultural products exported to the world market. A tracing system based on blockchain technology provides consumers with information from production to consumption, all of it in real time.

In order to make good use of this technology, it is necessary to help farmers better understand the benefits. Traceability of agricultural products will only be realized with the participation of all parties, from ministries, departments, and agencies to businesses, producers and consumers.