Interoperable block chain ecosystem holds key to future: KardiaChain

By Bao Minh   October 31, 2018 | 05:00 pm GMT+7

Start-up KardiaChain has set its sights on building an interoperable block chain system to connect various industries irrespective of their protocols.

Thus it could create a block chain linking healthcare, education, transportation and urban planning and management.

The company announced plans to “Build an interconnected block chain for the development of smart cities” at the recent Vietnam Cryptocurrencies & Digital Assets Dialogue.

After a long period of research, development and successfully experimenting with various improvements in block chain technology, KardiaChain can now connect any block chain it wants to despite different protocols, Hung Nguyen, its chairman and co-founder, said.

This is an essential requirement for efficient development of smart cities. This technology allows access to publicly available databases of government departments and businesses while still ensuring security and transparency among stakeholders as the data is stored in a seamless decentralized system.

Officials from various government agencies with KardiaChains advisors at CDAD 2018

Officials from various government agencies with KardiaChain’s advisors at CDAD 2018

Hung went on to add: “KardiaChain enables an inter-connected block chain ecosystem which allows Vietnam to thrive and become a leader in applying block chain technology to public administration and business development.”

He also revealed that the mission of the project is to offer a smart ecosystem with the capacity to link different block chain systems and utilize the collective strength of all existing block chains to enhance scalability and practicability while reducing cost.

“KardiaChain will play a vital role in bringing block chain technology to the public and into everyday life.”

Hung Nguyen, KardiaChains Chairman (left) and CEO Tri Pham (right) presenting KardiaChains innovative technologies at CDAD 2018

Hung Nguyen, KardiaChain’s Chairman (left) and CEO Tri Pham (right) presenting KardiaChain’s innovative technologies at CDAD 2018

According to Hung, KardiaChain has achieved a breakthrough in block chain technology and is in the process of obtaining a patent.

This breakthrough includes Dual Master Node, which facilitates a stable and secure connection to any block chain of choice, whatever their protocol, allowing inter-chain transfer of both assets and data without requiring any changes in participating block chains.

The technology is being developed by a team of senior Vietnamese software engineers at Google, Microsoft and Amazon at Silicon Valley. KardiaChain research is set to ensure that comprehensive compatibility with future technologies is within reach.

In particular, to lay a solid foundation for the future development of smart cities, KardiaChain will start to employ block chain technology in the following critical areas:

Healthcare

Block chain technology allows storing patients’ medical records and previous prescriptions in a secured manner, preventing any potential losses or confusion.

Healthcare facilities can utilize this data during treatment no matter where the patients go for medical intervention in Vietnam and overseas without any privacy concerns.

Education

The KardiaChain ecosystem enables schools and universities to store and share student’s profiles. This will help improve management transparency, cut down on paperwork and inhibit cheating behaviors such as pirating records and altering scores.

With information being digitized, student admission departments can quickly verify and choose the most suitable candidates. Precise performance records can simplify the process of setting entry benchmarks and criteria for a more efficient admission process.

Job recruitment

In future KardiaChain technologies can help speed up the recruitment process by lessening the need to verify personal antecedents including transcripts and academic records.

Recruiters will not need to worry about fake certificates or documents. Students can also opt to share their performance records before graduating with potential recruiters.

Business data management

When each local authority employs a separate block chain system to store its data on human resources, tax, financial statements, KardiaChain offers an ecosystem which links all these block chains, allowing government departments from the top to bottom levels to access all the latest updates on the structure and operation of a business.

Tax and financial authorities can share information about a business in a secure manner to improve oversight.

Binh Huy Nguyen, chairman of Technimex JSC and an advisor to KardiaChain, believes the processes of business registration and reporting financial statements are still too complex and involve too much paperwork besides suffering from a lack of transparency in spelling out new regulations from the government.

These are obstacles limiting the growth of businesses, he warned.

Binh has many years of experience in building and managing a range of technology projects with an investment of tens of millions of dollars.

“KardiaChain aims to help government authorities, departments and businesses overcome this challenge effectively at an optimal cost,” he said.

Professionals at the presentation by KardiaChains advisors on its block chain technology at CDAD 2018.

Professionals at the presentation by KardiaChain’s advisors on its block chain technology at CDAD 2018.

Connection with customers data overseas

Many banks and financial institutions worldwide have begun to use block chain for storing and sharing customer data and making inter-bank transfers.

According to KardiaChain’s advisor, Martin Juillard, who is also executive director and EMEA head of convertible bonds sales at Nomura Bank, blockchain technology will be the future of the financial industry and KardiaChain will act as the bridge between Vietnamese banks and financial institutions and international banks for database sharing.

Its achievements so far have been due to a combination of relentless effort from the team and valuable contributions toward strategic planning and vision by its advisors, including Dr Nguyen Khoi Pham, a former minister of natural resources and environment, and Lam Thanh Nguyen, former CEO of FPT software, and many top experts.

Tri Pham, CEO and co-founder of KardiaChain, said in the upcoming period the company would focus on integrating block chain technology into government departments across the country and deepening partnerships with Vietnamese businesses, multinationals and foreign businesses to build a diverse block chain ecosystem.

More information on the project can be found at: www.kardiachain.io

 
 
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