Vietnamese Youth Union Adopts Blockchain For 20 Million Students

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Vietnamese students use blockchain

Blockchain Technology For Vietnamese Students

Blockchain Technology awareness has been growing in the Vietnam market. However, most of the current ongoing events often focus on explaining about the “What is Blockchain” and “What are Blockchain applications in some industries” with no tangible showcases or results, or discussing about macroeconomics and government regulations. But now Blockchain awareness is being introduced to the youth of Vietnam.

First, earlier in the year, a blockchain project called VEC won an official contest hosted by Vietnam’s Ministry of Education and Ho Chi Minh Communist Youth Union: Youth Ideas for Education, offering a potential solution to cheating problems.

Now the Vietnamese Youth Union, a Vietnamese government organization that manages more than twenty million children from 18 to 30 years old, is adopting blockchain to supply a social media platform, manage student ID cards, track academic development, and assist youths in developing their careers and find jobs.

Vietnamese Youth Union adopts BlockchainCurrently, the education sector uses a centralized database that is maintained by individual schools and the Education Ministry. The centralized system is costly, inefficient, and lacks transparency. The central database approach also opens the risk of errors. Blockchain, a decentralized network that shares information in real-time with participants, is being piloted by the education sector as a solution.

Enter the MCashChain network (www.mcash.network) a lightening fast and responsive network with a block time of only three seconds. Currently, there are 10 tokens that are constructed on top of MCashChain network with over 100 Decentralised Applications (called Dapps) to be integrated in only 12 months’ time. Likewise, it is also connected with other decentralized networks (Ethereum, Tron, Binance Chain, and Kakao Klaytn) through the decentralized exchange UniDex (www.unidex.market). The MCashChain Project is hosted by a Singapore-based company that offers a multi-function wallet that allows easy access to Apps store called Midas Protocol.

Blockchain removes the requirement for educational institutions handling extensive volumes of student-related data, adhering to the existing guidelines while lowering the university workload and mistakes. Campus+ is currently in “beta testing” on the MCashChain blockchain, where it’s beyond a proof of concept and entering into user testing by the end of this year.

“By the end of 2019, we’ll organize user testing. After that, we will roll out in stages,” stated Dr. David Nguyen, the Chairman of MidasProtocol.io and Vietnam Chamber of Commerce in Singapore.

“We’re using the blockchain to bring speed and transparency to the education and job sector to enhance the experience for students, job seekers, parents, educators, and recruiters.” Nguyen also said “If we don’t utilize blockchain, results, certificates, and degrees can be forged. It is a big problem today for recruiters in developing countries due to large numbers of underground degree mills.”

Vietnamese Blockchain For Students

To comprehend the scale and effect of this project, we don’t think it is just an outcome or degree database. It might be established even more to handle digital identity where the person can utilize the exact same platform to secure scholarships or performance-based rewards from federal government, foundations, and corporates, but also this will assist them to develop a reputable and reliable CV for an employment database – beyond their academic years and well into their adult years and retirement.

As the blockchain industry is concentrating on adoption, the education sector is the most impactful sector to start as the youth would have the ability to use and comprehend the application of blockchain technology through experience. According to Gartner, blockchain is an appropriate innovation for the market to turn to because several entities need to share a single variation of the truth based upon immutable data where no particular entity remains in control.

What is the Vietnamese Youth Union

The Ho Chi Minh Communist Youth Union (Vietnamese: Đoàn Thanh niên Cộng sản Hồ Chí Minh) is the largest social-political organization of Vietnamese youth. The union is under the leadership of the Communist Party of Vietnam. The organization was founded on March 26, 1931, and was led and trained by Ho Chi Minh.

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