Leveraging Blockchain Technology for Sustainable Economic Development in Vietnam: Applications and Implications in the Context of the 4.0 Industrial Revolution

Le Thi Thu Huyen; Le Thi Lan; Ong Thi Nhung

doi:10.18535/ijsrm/v12i06.em08

Abstract

This study was conducted to explore the potential of blockchain technology in sustainable economic development in Vietnam. Using qualitative research methods, based on the study of relevant literature, the study highlights the various applications of blockchain in areas such as supply chain management, inclusive finance, energy management and asset rights. The study also emphasizes the importance of addressing challenges for successful adoption of blockchain technology. It identifies the need for a supportive regulatory framework that clarifies legal and regulatory aspects related to blockchain, ensuring its legality and promoting innovation. Furthermore, the study highlights the importance of investing in the necessary technical infrastructure and ensuring interoperability among different blockchain platforms. Skill development is also crucial, as there is a need for a qualified workforce capable of developing and implementing blockchain solutions. By leveraging blockchain technology and addressing these challenges, Vietnam can achieve sustainable economic development. The study concludes that embracing blockchain technology can position Vietnam as a leader in the 4.0 industrial revolution, fostering innovation, transparency, and efficiency across sectors and contributing to the country's overall economic growth and development.

Keywords

Blockchain technologysustainable economic development4.0 industrial revolutionVietnam

References

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[refR-3] Buchholz, M., Durst, S., & Heinrich, M. (2020). Blockchain technology for sustainability: A systematic literature review of barriers and enablers. Business Strategy and the Environment, 29(3).Google Scholar ↗

[refR-4] Buterin, V. (2017). Ethereum: A next-generation smart contract and decentralized application platform. White paper, 1(2), 3.Google Scholar ↗

[refR-5] Dahlquist, L., Fagerstrøm, A., & Sjöström, E. (2019). Blockchain technology in the financial industry: A systematic review of challenges and opportunities. International Journal of Financial Studies, 7(3), 35.Google Scholar ↗

[refR-6] Dinh, T. C., Le, Q. P., Nguyen, C. T., & Nguyen, T. H. (2018). Role of small and medium-sized enterprises in sustainable economic development in Vietnam. Journal of Asian Business and Economic Studies, 25(2), 139-157.Google Scholar ↗

[refR-7] Hung, P. H. (2022). Factors Affecting The Application Of International Financial Reporting Standards Of Enterprises: A Literature Review. Journal of Positive School Psychology, 6(7), 1633-1648.Google Scholar ↗

[refR-8] Huu, T. T., Nguyen, T. H., & Nguyen, T. N. (2020). Industry 4.0 and smart factory in developing countries: A case study of Vietnam. Journal of Science and Technology Policy Management, 11(1), 2-26.Google Scholar ↗

[refR-9] Iansiti, M., & Lakhani, K. R. (2017). The truth about blockchain. Harvard Business Review, 95(1), 118-127.Google Scholar ↗

[refR-10] Le, N. T. N., Nguyen, T. H., & Nguyen, T. N. (2019). Blockchain technology: Opportunities and challenges for sustainable development. In Proceedings of the International Conference on Advanced Engineering - Theory and Applications (pp. 229-234).Google Scholar ↗

[refR-11] Li, X., Jiang, P., Chen, T., Luo, X., & Wen, Q. (2020). A survey on the security of blockchain systems. Future Generation Computer Systems, 107, 841-853.Google Scholar ↗

[refR-12] Linn, L. A., Koo, M. B., & Monahan, C. (2017). Blockchain for health data and its potential use in health IT and health care related research. Journal of Health Information Management, 31(3), 3-6.Google Scholar ↗

[refR-13] Mengelkamp, E., Gärttner, J., Rock, K., & Weinhardt, C. (2018). Designing microgrid energy markets: A case study: The Brooklyn Microgrid. Applied Energy, 210, 870-880.Google Scholar ↗

[refR-14] Malone, D., O'Dwyer, K., & Hogan, J. (2019). Bitcoin mining and its energy footprint. 12th International Conference on Energy Efficiency in Domestic Appliances and Lighting (EEDAL).Google Scholar ↗

[refR-15] Nguyen, T. N., Le, N. T. N., & Nguyen, T. H. (2018). Blockchain technology for supply chain management: A literature review. In 2018 International Conference on Advanced Engineering - Theory and Applications (pp. 115-120). IEEE.Google Scholar ↗

[refR-16] Nguyen, T. N., Nguyen, T. H., & Huynh, T. H. (2019). Digital transformation and sustainable development: A study of Vietnam. Journal of Science and Technology Policy Management, 11(4), 425-445.Google Scholar ↗

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[refR-19] Nguyen, T. N., Ho, T. H., Nguyen, T. H., Nguyen, T. N., & Huynh, T. H. (2020). Enhancing traceability in the agriculture sector using blockchain technology. Journal of Agricultural Science, 12(6), 1-15.Google Scholar ↗

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[refR-23] Tran, H. T., Nguyen, T. T. N., & Phan, T. H. (2019). Blockchain technology for secure and efficient cross-border transactions in finance. In Proceedings of the International Conference on Industrial Engineering and Operations Management (pp. 1605-1613).Google Scholar ↗

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