Vietnam has launched a national blockchain system to support the digital tools and services used across the country.
Known as NDAChain, the platform is designed to help verify transactions and protect sensitive data shared between people, companies, and public agencies.
The National Data Association developed the system and will be managed by the Ministry of Public Security.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is a Bitcoin Faucet? Pros & Cons Explained (With Animations)
NDAChain uses a combination of centralized and decentralized technology. This setup is meant to improve reliability and reduce the risk of hacking, slowdowns, and problems with connecting to other systems.
At the core of the network are 49 validator nodes. These are operated by both government bodies and major private companies, including SunGroup, Zalo, Masan, MISA, Sovico, and VNVC.
The network has two main goals. First, it will record and confirm digital transactions across areas like government services, finance, healthcare, logistics, and education.
Second, it will support a digital identity system known as NDA DID. This tool allows people and businesses to prove their identity during online interactions without exposing extra personal details.
To make identity checks quick and easy, the government has introduced the NDAKey app. The app allows users to confirm their identity within seconds.
Meanwhile, Thailand’s Securities and Exchange Commission (SEC) has recently sought public feedback on potential changes to its rules for individuals investing in crypto token sales. What did the agency say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
