RMIT Vietnam NewsBlockchain on the verge of major industry disruption: Melbourne expert

Blockchain on the verge of major industry disruption: Melbourne expert

Monday, August 26, 2019 - 22:27

In the context of the current fourth industrial revolution, blockchain (the technology behind the well-known bitcoin cryptocurrency) is one of the most ground-breaking innovations to impact technology in recent years.

That is according to RMIT Blockchain Innovation Hub Senior Research Fellow Dr Chris Berg, who spoke at a seminar in Hanoi called Blockchain: A feasible future for financial management.

Due to its complex algorithms, strong security, ability to disable data modification intervention and greatly reduce the possibility of errors from complex data collections, blockchain is predicted to dramatically impact a diverse range of industries including finance, banking, manufacturing, supply chains and education. It’s also set to slowly make its way into government agencies to manage population and transport data.

Within the finance and banking sectors, blockchain will be able to manage data, assets and ensure safety in transactions. The technology can also eliminate the need for intermediaries (third parties), reduce costs and speed up transactions.

Dr. Chris Berg spoke at a seminar in Hanoi called Blockchain: A feasible future for financial management.

Dr Berg describes blockchain as one of the driving forces of the fourth industrial revolution.

“Blockchain was also the foundation for the application of artificial intelligence, automation and large data technologies,” Dr Berg said.

Blockchain technology has existed for about ten years, and although there have been many effective applications, the technology is still in its first phase.

According to Dr Berg, the development of blockchain in Vietnam will create an opportunity for the country to take a giant technological leap through research and application in various industries, especially the manufacturing and finance industries.

By joining the seminar, the participants gained profound knowledge of blockchain technology.

Enterprises in Vietnam are also interested in blockchain technology at the supply chain optimisation level in order to monitor the flow of import and export goods and international commercial transactions.

To meet demand and stay ahead of the curve, RMIT University launched its first short-term course on blockchain at the Melbourne campus last year.

"It is expected that we will replicate blockchain courses for undergraduates and postgraduates; hoping to deploy them in Vietnam right at the beginning of 2020," Dr Berg said.

Story: Mike Tatarski