KardiaChain CEO aims to popularize blockchain in Vietnam

January 5, 2021 | 05:00 pm GMT+7
The KardiaChain platform founded by Pham Minh Tri has attracted Vietnamese experts globally to join the local blockchain sector.

After graduating with a master’s degree in science from the University of East Anglia, famous for practical research, in London in 2013, Tri is now focusing on location-based messaging, text-speech processing, computer vision, and augmented reality.

During his tumultuous years outside Vietnam, blockchain attracted Tri’s attention. He first approached this technology in 2012, after learning about the core peer-to-peer network of decentralized systems.

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CEO Pham Minh Tri.

Five years later, Tri had the opportunity to delve into and invest in new blockchain projects in London. In 2018, he and Huy Nguyen, currently senior technical manager at Google, Silicon Valley, founded KardiaChain, which rapidly researched blockchain interoperability.

This breakthrough technology has helped solve the problem of communication between networks, allowing the transfer of data and assets from one blockchain to another. Important applications of cross-chain blockchain include decentralized exchanges.

Today, only a few companies have successfully built cross-chain infrastructures like Polkadot and Cosmos, all worth billions of dollars, according to the KardiaChain CEO.

Studying the potential market, Tri considered Vietnam one of the most promising environments for blockchain development due to its legacy system, golden population, and open regulatory environment.

Unlike the U.K. or U.S., blockchain in Vietnam enjoys less competition with existing systems according to centralized design. Digital conversion and digitization of data are still in the early stages, so if combined with blockchainization, our country would be able to take a shortcut, said Tri. Besides, its young population, rapid increase in education, and strong development of the middle class are all suitable for newly introduced and well-received technology products.

More importantly, the Vietnamese government supports the startup movement, especially industries in the 4.0 revolution like blockchain and AI. Besides, the legal corridor for Fintech that is gradually being improved is also a great driving force for blockchain users.

Returning to Vietnam in 2018, he and his partner founded KardiaChain, specializing in developing blockchain platforms. One of its most outstanding inventions is its non-invasive cross-chain technology Dual Node, pending patent. This technology helps blockchains communicate with each other despite algorithmic differences.

KardiaChain’s decentralized platform allows any business to build transparent, secure applications with open functionality. According to business representatives, this makes blockchain infrastructure invisible, like electricity and the Internet, through mobile applications to benefit end-users.

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Pham Minh Tri (R) at the seminar on technology with the Ministry of Justice.

One of the most successful application units of KardiaChain is Youth Union in District 5, Ho Chi Minh City. The solution called TuoiTre Q5 helps the unit manage 10,000 youth union members, update daily news, support online assignments, and recognize emulation and rewards.

With the above advantages, the app has received nearly 8,000 good reviews in recent surveys. The product initially asserted that the blockchain platform, when properly applied, is a useful tool to transform traditional models to suit contemporary society.

From initial research and application, in April this year, KardiaChain raised $19.2 million from 2,500 investors through the Gate.io platform. KardiaChain then successfully signed a strategic cooperation with LG CNS - a subsidiary specializing in providing technology solutions of LG Group to develop blockchain infrastructure in Vietnam.

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Pham Minh Tri (middle front) at the signing ceremony with LG CNS in Korea.

According to Tri, the process of popularizing blockchain in Vietnam is a long journey, requiring a combination of technology, people, law and timing. But with careful preparation, we believe we will achieve this goal, inspiring people with the same passion and understanding of blockchain, he said.

 
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