Vietnam Launches NDAChain, National Blockchain for Digital Services
Vietnam has launched NDAChain, a national blockchain platform aimed at enhancing digital infrastructure for identity management and government services. Key details include:
- Initiated on July 25 by the National Data Association (NDA).
- NDAChain will verify digital records across various sectors, addressing issues of centralized systems.
- The platform features tamper-proof records and improved data tracking to protect sensitive information.
- NDAChain operates as a permissioned Layer 1 blockchain with 49 validator nodes from public agencies and major corporations.
- It uses a Proof-of-Authority consensus model and Zero-Knowledge Proofs for secure transactions and data privacy.
- The system can process up to 3,600 transactions per second.
- NDA DID enables quick verification of identities, reducing scam risks.
- NDATrace facilitates product tracking with unique digital IDs, aiding local businesses in global supply chains.
This initiative follows plans for a government-backed digital asset trading platform, as stated by Deputy Finance Minister Nguyen Duc Chi.