Monday, July 13

Real world uses of blockchain


(Interview with Mr. Giang TRAN – Director of akaChain)

Tran Hoang Giang
Mr. TRAN Hoang Giang, Director of akaChain, FPT Software insists that blockchain is an important driver to estasblish networks, communities and data sharing to bring great benefits.

Interviewer: Blockchain – an emerging concept since the beginning of 2017, is recognized for the useful application in many industries. Could you please share some outstanding features of this technology?

Blockchain is the ledger technology that helps protecting and using data transparently. This technology has 3 important characteristics: Distributed – the data is store in many secured nodes; Immutable – once the data is stored in the nodes, its cannot be altered and lastly, Concensus – any action happening on blockchain must be approved by all parties.

Blockchain is an important driver to create networks, community, readiness of data to bring great benefits.

Until now, many enterprises in agriculture, logistics, etc have brought blockchain into their professional activities.

It would be very interesting if you could consult your doctor via mobile phone because he/she has already got your medical history through the networks of hospitals and clinics. Or, it takes you literally 1 minute to get the approval for a loan since your application for loan has already been proceeded through many blockchain-based applications.

The first application of blockchain is probably bitcoin and cryptocurrency. However, there is confusion between bitcoin and blockchain. Could your please elaborate on this matter?

The confusion between bitcoin and blockchain is very common. Bitcoin and cryptocurrecny are the first implementation of blockchain but they are not the only. There are pleinty of application of blockchain, such as loyalty points management, traceability, verification of customer data (KYC), data storage.

Let’s take a look at loyalty points management. There are many types of loyalty points, but they are fragmented and sometime, are forgotten. Then why don’t we create a network of loyalty points so enterprises can convert their points into other types of points?

Utop, for example, is a loyalty points management program developed by akaChain, the blockchain platform by FPT Software. Utop functions as the connectors between enterprises, allowing the conversion, exchange points between complicated system, and hence create the utmost security and optimization in transaction speed.

The key features will also bring risk in privacy, security and trust. Your opinion on this matter?

Enterprises are still concerned over blockchain since blockchain, in their perspectives, is cryptocurrency and equals regulatory restriction.

In reality, consortium blockchain is an interesting technology, ensuring data security, rapid time-to-market and transformation in business that leads to cost reduction and revenue optimization.

What application of blockchain that FPT is currently using to power the digital transformation?

Apart from Utop, the blockchain platform, akaChain is also implementing and applied for many enterprise in finance, insurance, supply chain in the US, Japan, Taiwan, Singapore, HongKong.

Recently, akaChain is applied for a loyalty system of the largest Taiwanese private investment corporation.

To expand the customers base in this market, FPT Software signed an agreement with ThinkPower to implement the akaChain platform for clients in financial services.

In Vietnam, FPT Softwars has also signed the agreement with BaoKim to research and develop the KYC solution, assisting enterprises to better understand and evaluate the potential risks on payment systems.

Currently, relying on blockchain-based technology, robot automation, big data analytics and expertise in core banking development in Vietnam, Japan, EU, FPT Software can assist banks in improving operational efficiency, customer experience and creating new business model. akaBot, for example, is the process automation solution. It helps business to slash up to 90% operation time, redude up to 75% cost.

Contact us for more information: 
Phone: +84 962 516 915
Addresses:TP.HCM: F-Town, Block 2nd, D1, Saigon Hi-tech Park, Tan Phu ward, district 9, HCM city, Vietnam.

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