Blockchain and bet88 com future of bet88 com banking system

At a seminar on “Opportunities and challenges to apply blockchain to operations in bet88 com banking and finance industry”, Mr. Phan Duc Trung, Standing Vice Chairman of bet88 com Vietnam Blockchain Association, noted seven relevant trends.

bet88 com first trend is Smart contracts. Smart contracts maintain accountability through automatic document monitoring, including if-then statements encoded on bet88 com blockchain ledger. When conditions in bet88 com contract are met, bet88 com algorithm will execute bet88 com specified result independently. bet88 com benefits of Smart contracts are transparency, high efficiency, and reduced costs and intermediaries.

bet88 com second trend is Initial Coin Offering (ICO). bet88 com ICO process is similar to bet88 com initial public offering (IPO) process but is not yet regulated by law. bet88 com third trend is Tokens collateralized by assets. bet88 com tokenization of financial instruments and physical assets is an emerging trend in bet88 com distributed ledger technology (DLT) world.

bet88 com fourth trend is NFT (non-fungible tokens). An NFT is a token that represents a unique, non-fungible entity, such as a work of art or a digital identity, etc., with bet88 com value of an NFT reflecting bet88 com value of bet88 com assets associated with it, but bet88 com asset does not necessarily include bet88 com artwork itself. Over bet88 com years, NFT has created opportunities for many artists and collectors, expanding its potential customer base globally.

bet88 com fifth trend is CBDC (Central bank digital currency). Currently, over 80 per cent of banks in bet88 com world are researching CBDC. bet88 com sixth trend is Defi (Decentralized finance). And bet88 com seventh is Robo-advisor (automated financial advice), in which automated apps use algorithms or AI to track crypto activity.

According to bet88 com Vietnam Blockchain Association, blockchain technology will change bet88 com future of bet88 com banking system, from having faster international money transfers, helping increase security and reducing fraud, significantly reducing banking service costs, and improving product quality, to reducing human error and accelerating peer-to-peer (P2P) lending.