An Exciting Time for Blockchain in Vietnam

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April 16, 2018

Vietnam has recently gained much attention in terms of its potential and applications to become the cradle of Blockchain technology.

On March 7-8, 2018, the first-ever international conference about blockchain and its potential for development in Vietnam took place in Ho Chi Minh City. The event was organized by Infinity Blockchain Labs (IBL), a pioneer in blockchain research and development in Vietnam and co-hosted by LINA.REVIEW – the world’s first blockchain-based evaluation platform.

An Exciting Time for Blockchain in Vietnam

“An Exciting Time for Blockchain in Vietnam”

Currently, Malaysian banks are piloting payment systems using blockchain, while India has established land use rights using Blockchain, etc. As we can see, Southeast Asia is rapidly being acknowledged as a market where the demand for blockchain technology is higher than ever.

In this light, Vietnam is a country that has received much attention for its potential to become the cradle of Blockchain technology. At the opening ceremony of Vietnam Blockchain Week (VBW) on March 7, 2018, Mr. Ta Viet Dung, Director of the Department of Technology Application and Development, Ministry of Science and Technology, said that Vietnam was holding a good position with 40% of the 92 million population aged under 25. The young workforce is believed to be a catalyst to attract strong attention from businesses and investors in the near future (54 million people have been trained and have stable jobs).

Looking at the technological side, Vietnam maintains a relatively high rate of using smartphones at 26%. Moreover, the number of highly-skilled engineers in Vietnam has also increased sharply with approximately 40,000 graduates in the field of information technology every year.

He said that Blockchain would become one of the key technologies in the fourth technology revolution due to the increasing levels of trust and privacy within industries.

The applications of blockchain is not only limited to cryptocurrency and finance sector, but also in healthcare, supply chain, insurance, and many other sectors.

According to Mr. Mitchell Pham, Co-founder of Smart Links Swiss and LINA.REVIEW, this is an exciting time for Blockchain’s application in Vietnam for a number of good reasons. Vietnam has many good talented mathematicians and young generations who are keen on learning new technology.

Vietnam is one of the fastest growing economies, offering a multitude of opportunities for innovation implementation as well as new and revolutionary ways to solve major industry problems.

Vietnam has created favorable conditions for the adoption and development of new technologies, thereby making the implementation of blockchain into the country easier and faster. On the other hand, Vietnamese blockchain community is also growing at a swift pace with broad, diverse external network, creating a pool of opportunities to introduce blockchain-based products and solutions to the international market.

In 2017, universities across the country have started offering educational courses on blockchain. Qualified graduates and visionary technology talents are exploring the innovations that blockchain brings to the rapidly evolving technology and services industries in our country. It can be said that with blockchain, Vietnam has the potential to become a pioneer and become the next focus of the world.

An Exciting Time for Blockchain in Vietnam

Blockchain Ensures the Transparency and Security

Blockchain has gradually been emerging and become more and more popular. Thanks to its technological breakthrough, blockchain can create a new ecosystem of pioneers, offering a wide variety of investment and financing options as well as introducing a number of different operating mechanisms for existing businesses. Blockchain also provides users with transparent, easy-to-access database systems, which is very important in maintaining the integrity and effectiveness of monitoring agencies such as auditors or regulators.

Mr. Mitchell Pham shared that blockchain could bring transparency, eliminate unnecessary costs while enhance security and empower the community through participation in the system.

For example, blockchain implementation in the financial industry will help create transparency throughout the ecosystem, especially during the transactions between banks and insurance companies, as well as the customers. Customer data will be much more transparent and secure with the advent of blockchain.

With regard to the health sector, blockchain is utilized to record all kinds of patient information including type of diseases, treatment methods and past medical history, creating a database of patients which is highly transparent, secure, easy to access and share amongst hospital networks.

In addition, thanks to the adoption of blockchain in the education sector, learners now are able to save all the education records from the very beginning in a reliable and permanent way.

According to Mitchell Pham, LINA.REVIEW is not just a website, it is also the world’s first platform based on blockchain. Specifically, the platform utilizes the immutability of blockchain to create transparency and enable the evaluators to benefit from quality reviews, as well as to directly interact with users and suppliers of products or services without the need of establishing prior trusts.

Furthermore, everyone can build their own assessment and community development systems, and then can self-control and manage their systems. All Lina-based assessment systems will be interconnected on a global scale.

Information about the organizer: https://www.blockchainlabs.asia

Facebook: facebook.com/infinityblockchainlabs

Twitter: @infinityblockchainlabs

LinkedIn: Infinity Blockchain Labs

Source: nhipcaudautu.vn