Metacube offers an e-coin payment technology initiative in Vietnam's smart city

DNHN - Metacube Joint Stock Company has suggested a regional economic development project in Vietnam that would involve the construction of a smart city using Blockchain technology. Metacube will work with the Korea-Vietnam Economic Support Committee (KVECC) in particular to implement the electronic coin payment technology model in restaurants, fashion retailers, and so on.

Vietnam is transforming into a digital economy. According to statistics, up to 97% of individuals use mobile phones and spend an average of 6 hours and 42 minutes every day online. The constantly changing internet environment has a significant impact on the economic map of Vietnam.

From establishing telecommunications infrastructure from the city centre to the suburbs to spreading mobile information technology and services to e-commerce and payment, and online shopping, Vietnam's contemporary digital sector is rapidly expanding.

In particular, the e-wallet payment market in Vietnam is quickly expanding: Momo holds 53% of the market, ViettelPay holds 25.2%, Shopee Pay holds 10.6%, and Zalo Pay holds 5.4%. ViettelPay had 40 million transactions totalling 50 trillion VND as of March 2020. (equivalent to 2.6 trillion KRW). 

Experts forecast that the Vietnam e-payment sector would develop at a 30% annual pace by 2025. As a result, the electronic coin payment technology project in a Vietnamese smart city is a promising one.

Blockchain-based intelligent city (Blockchain)

A smart city employs information and communication technology (ICT) to increase operational efficiency, disseminate information, and provide high-quality public services. improved citizen well-being In other words, Smart Cities make use of cutting-edge technology such as Blockchain, the Internet of Things (IoT), and artificial intelligence (AI)... to address urban difficulties and build a foundation of sustainable infrastructure.

Market research produced by Metacube projects that the worldwide smart city infrastructure market would reach 1040 trillion won by 2026. In emerging nations such as China and India, smart city initiatives are quickly increasing. Many experts expect that the global smart city industry will continue to expand rapidly over the next 10 to 20 years.

The Prime Minister of Vietnam announced Decision No. 950/QD-TTg on August 1, 2018, authorizing the Project on Sustainable Smart City Development in Vietnam for the period 2018-2025 with a focus on 2030. Korea also spoke of establishing a smart city cooperation centre in 2018 and starting related projects in 2020. Smart city management, water supply and drainage, waste management, energy, power grid, transportation, tourism, health care, safety, disaster avoidance, and the environment are the 11 key areas chosen.

Proposing an economic model for smart cities for use in Vietnam

Blockchain technology is the foundation of smart city development. As a result, Metacube offers a smart city economic model based on its technology that is adapted to Vietnam. The suggested approach consists of three components: Blockchain local currency, Smartpay Smart Payment, and Sharing Economy.

Blockchain local currency

According to Metacube, a local currency that reflects the features of Vietnam and creates a win-win economy with the blockchain local currency is required.

Points or banknotes impose various constraints, such as limited digital information collecting, the potential for counterfeiting, and direct and indirect expenses associated with the issuing of local currency.

Blockchain local currency will help to alleviate the aforementioned restrictions while also providing several additional benefits. The creation of local money will encourage consumption and distribution in the smart city sector.

An effective circular economy contributes to increased domestic consumption. The globe is looking to digitise to tackle the difficulties of local currency. Implementing this technology also facilitates public money transactions that do not require wallets or paper.

Metacube's money is interest-free and is developed, issued, controlled, and circulated in a specific territory by the residents of that region. It is viewed as a way for members of the regional community to express, discuss, and share similar ideals or interests by bringing them together.

In Vietnam, local money is easily utilized by paying using a QR code through a mobile device. The "Convert" function enables real-time cash exchange (at the member store). Using this money helps to decrease the waste of local budgets through transactions that take place solely in the region, offers the value of information transparency, and promotes the growth of the local economy.

Smart payment Smart pay

Smart payment "Smartpay" is a simple type of mobile phone payment that is integrated with local cash. Through direct QR code payment, this solution provides consumers with convenience.

This is also the primary means of payment for MZ creation.

The sharing economy

A sharing economy platform is created by combining Local Currency, Smartpay, and shared migration. The heart of this mobility service in Vietnam is a collaborative service based on the sharing economy that connects professional personal mobility service providers and motorbikes. In addition, Metacube will connect the local money to a ride-sharing and delivery business.

Metacube's methodology helps to diversify the use of local money while also assuring healthy finances. In the future, the firm will provide information identification services in a novel distributed form using DID authentication and a user-managed identity information system based on blockchain technology.

The Metacube Company will work with the Korea-Vietnam Economic Support Committee (KVECC) to implement this electronic currency payment technology model in restaurants, fashion boutiques, and other locations. Long An is expected to be the preferred location for the deployment of this model.

 Lap Nguyen