Application of smart contracts on blockchain platform in the commercial business sector: Proposing new transaction methods for businesses in Vietnam

Abstract

The Industrial Revolution 4.0 and modern technology have had a significant impact on Vietnam’s economy. One of the most notable developments is the emergence of blockchain technology. “Smart contracts” or “virtual contracts” have become an important term on the Blockchain platform, offering many advantages and being widely deployed in areas such as finance, business, trade, and insurance. Although smart contracts have potential benefits, businesses are still hesitant to establish them. The article employs analytical methods and synthesizes data to provide evaluative insights. Additionally, this article analyzes the concept and characteristics of smart contracts, the trend of applying smart contracts in some countries worldwide, and provides suggestions for Vietnamese businesses on how to apply smart contracts, along with notes and recommendations.