Vietnam's first live trade Letter-of-Credit transaction
using blockchain, executed by HSBC in 2019 on the Voltron Network
(using Corda, R3's blockchain platform), received headlines
around the country. With it, the institutional adoption of
blockchain in Vietnam began. Cases which use blockchain abound and
are perfectly suited for the country, as we will see below.
But first - how does blockchain work?
There are five basic principles underlying the
technology.
1. Distributed database
Each party on a blockchain has access to the entire database
and its complete history. No single party controls the data. Every
party can verify the records of its transaction partners directly,
without an intermediary.
