Vietnam releases akachain to further digitise economy

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Vietnam releases akachain to further digitise economy

By Benson Toti - min read

akaChain is an enterprise blockchain platform developed by FPT Softwares for the country’s private and public sector digitisation efforts

Vietnam’s Ministry of Information and Communications announced in a press release they have formally launched the akaChain.

The akaChain was developed by FPT Software, one of the country’s most notable IT firms. It is a scalable blockchain protocol created with the goal of taking Vietnam’s digital transformation one step further.

akaChain is part of a handful of digital platforms based in Vietnam that was picked by the national government to support digital transformation efforts across the country’s public and private sectors.

The Prime Minister of Vietnam recently expressed the government’s plans to make the country one of the world’s top 50 destinations when it comes to the information and communication technology sector, as well as a part of the Top 35 countries for Global Innovation by the year 2030.

The Deputy Minister of the Ministry of Information and Communication, Nguyen Thang, highlighted the importance of bringing about the digital transformation for local businesses— particularly as they continue to operate in a world challenged by the coronavirus pandemic.

“We trust FPT Software’s akaChain will help businesses to quicken the process through blockchain-based applications such as eKYC (electronic Know Your Customer), credit scoring, loyalty programs, traceability, etc., which would be very challenging in the absence of technologies,” Thang said.

akaChain is a permissioned, end to end multi chain network that is built on top of the Hyperledger Fabric.

The akaChain was first introduced in 2018. It was conceptualised as one of the avenues that would offer a variety of permission-enabled products and services across several industries, such as banking and finance, supply chain and logistics, insurance, and shopping mall management.

“Blockchain applications have moved beyond cryptocurrencies. Built on Hyperledger Fabric, the akaChain platform helps to enable a frictionless, secure, and transparent connection for all parties involved,” Tran Dang Hoa, the Vice President and Chief Officer of FPT Softwares, explained.

FPT Softwares has around $463 million in revenue and more than 16,000 employees. The company specialises in delivering services for digital platforms, AI, RPA, IoT, Cloud technology, platform modernization, and more.

It is headquartered in Vietnam and has served more than 700 customers around the world.

While akaChain is positioned to spearhead the country’s digitization process, another blockchain solutions provider is ready to enter Vietnam’s esports market.

KardiaChain recently launched its KardiaChain eSports Incentive Platform, with the goal of entering Vietnam’s $2 billion esports industry.