By October, the Vietnam Blockchain Multichain Service Network (VBSN) has successfully built six foundational Layer-1 Blockchains with a maximum speed of 300,000 transactions per second (TPS), inheriting from numerous existing Blockchain platforms worldwide with various decentralization and consensus mechanisms to optimize benefits for different sectors and needs.
Applications of the VBSN in the economy, such as cross-border payments, decentralized identity (DID), land management, and degree verification, were presented by a representative of the Vietnam Blockchain Network at the First Congress of the Government Party Organization on October 12.
The VBSN is a strategic initiative designed by 1Matrix Company, with consultancy from Boston Consulting Group (BCG) and development direction from the Vietnam Blockchain Association and Digital Assets. The goal is to build a National Blockchain infrastructure, contributing to Vietnam's mastery of core technology, ensuring sovereignty over data and digital assets, enhancing state management efficiency, and promoting the development of the private sector's digital economy.
VBSN allows entities to create an entirely new Layer 1 in less than an hour. The Layer 1 comes pre-integrated with various utilities and toolkits such as crypto asset wallets, bridges, smart contract development kits, RPC (remote procedure call) infrastructure, etc., significantly saving both time and costs for initiation and operation.
This feature helps traditional businesses and organizations easily access the new field of Blockchain and digital assets, even without a readily available team of in-depth technology personnel.
In the public sector, the application of VBSN will enable the deployment of applications such as digital identity, digital assets, smart contracts, traceability, and interconnected data, creating the infrastructure foundation for blockchain applications in digital government, smart cities, financial centers, and high-tech services. This reduces the risk of data congestion, helping to enhance operational capacity in the digital government model.
In the private sector, VBSN is being widely shared with domestic partners such as MSB, SHB, T&T Group, Dragon Capital, etc., and is being researched for deployment by some large financial organizations and businesses to serve data management needs, enhance system efficiency, and apply in new business areas.
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