The Blockchain and Bitcoin in Vietnam

Bitcoin SaigonWith the status of bitcoin in Vietnam still rocky, more friction in the Asian cryptocurrency movement is at hand. This is a part of the Bitfilm Festival news release.

The current state of implementation of Blockchain technology solutions in Vietnam has to been described as very nascent – while startups as Bitcoin Vietnam Co., Ltd. have been working on providing basic infrastructure layers in order to enhance the local ecosystem around these technologies, there has not been attempts yet to implement any advanced use cases of Blockchain technology in order to improve the efficiency and unforgeability of data & documents in the local economy.

Despite opposing media reports after the warning of the State Bank of Vietnam regarding the related risks of Bitcoin, Bitcoin usage was never prohibited in Vietnam. In fact, the State Bank of Vietnam is currently looking in cooperation with the relevant unit of the Department of Public Security to define applicable regulations for Bitcoin usage in Vietnam. Leaders of the local Bitcoin community are looking forward to continue the commenced discussions in order to support the responsible authorities during this process with the necessary knowledge in this technological breakthrough innovation.

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The Blockchain technology is a major invention in achieving decentralized, distributed network consensus in order to provide an immutable digital ledger. The first major implementation of this technology was to be found in the Bitcoin payment system.

Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009. It is a currency which uses cryptography to control the creation and transfer of money. The Bitcoin network provides a decentralized, distributed ledger system and is widely accepted as a technical breakthrough regarding the Byzantines Generals Problem.

Byzantine Generals Problem

Excerpt can be found here.

The peer-to-peer payment system and cryptocurrency is a milestone in computer sciences and will be the beginning of the second digital revolution after the innovation brought by the Internet.

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A little bit about Bitcoin Saigon:

Bitcoin Saigon has been established in fall 2014 as mainly educational non-profit community with the aim to foster and enhance the knowledge of opportunities and possibilities of Blockchain Technology. While Bitcoin – as the first and so far most successful adaption of the Blockchain technology – remained so far the most discussed project in the past events organized by Bitcoin Saigon – the members of Bitcoin Saigon are looking forward to explore further use cases of Blockchain applications which will allow advanced use cases of the Blockchain technology beyond payments.

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