Blockchain – The Promising Technology for Vietnam’s Development in the Industry 4.0

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Event News

April 17, 2018

Vietnam Blockchain Week (VBW) was held on 7-8 March in Ho Chi Minh City with the participation of over 2500 delegates from all over the world. The event provides a unique and in-depth insight into blockchain, from the current status, policies, applications to its enormous impacts.

The event was led by a plethora of blockchain experts such as Charles Hoskinson, Co-founder of digital currency, Ethereum and Cardano; Alex Medana, Board member of the Hong Kong Fintech Association, also CEO of FinFabrik, a Hong Kong-based fintech developer with 17 years of experience in various global financial institutions in Europe and Asia Pacific, Alex believes that blockchain will create a model where the costs of deploying customer-focused solutions are significantly reduced. Moreover, it will address the common challenges faced by the majority of major companies nowaday. Adam Vaziri, Board Member and Director of the British Digital Currency Organization, one of the most influential nonprofit organizations guiding the UK government in enacting policies related to blockchain. Loi Luu – young and talented Vietnamese who successfully mobilized $ 52 million in his ICO project, listed among top 30 under 30s by Forbes magazine for young entrepreneurs … And thousands of blockchain startups from Japan, South Korea, Singapore, United Kingdom, USA, Australia, New Zealand, India,…

Blockchain - The Promising Technology for Vietnam’s Development in the Industry 4.0

Vietnam Blockchain Week (VBW) mainly focused on blockchain development, its applications in payment sectors and government authorities, as well as its impacts on commercial electronic businesses and venture capital. Besides, other emerging industries such as gaming, education, medical, IoT are also mentioned in the event.

Blockchain is considered as one of the most promising technologies in the 4.0 revolution, known as a decentralized ledger which can save and update data in such an immediate and secured manner. Distributed database archiving ensures the security of information, helps to avoid hackers ’s attacks or system crashing. All data on the blockchain is accurately recorded about time, location, participating accounts and will not be changed in the future.

In addition to its wide range of applications, blockchain still has to face a lot of questions regarding its security and feasibility. Marcelo Garcia Casil, Co-founder of Maecenas blockchain, said that the biggest challenge for startups is the misconception between blockchain and cryptocurrency. “When we introduce our projects, products or marketing strategies to our partners, they seem very interested; however, when we mention that it will be operated by blockchain, they immediately think it is involved with cryptocurrency.” shared Casil.

Blockchain - The Promising Technology for Vietnam’s Development in the Industry 4.0

One of the other challenges for blockchain adoption in Vietnam is the lack of regulatory framework. Vietnam hasn’t developed any official regulations related to cryptocurrencies, or policies regarding the new financial technology platforms. According to the experts, this is a barrier preventing Vietnamese from developing and innovating this disruptive technology. It is also the reason why many investors are afraid of pouring their investment into Vietnamese market.

In the presentation entitled “Blockchain, cryptocurrency and related legal issues,” Mr. Nguyen Thanh Tu, Director of the Department of Economic and Civil Legislation mentioned about some basic contents that The Ministry of Justice in Vietnam is building for cryptocurrency. That being said, the Government is assigning the Ministry of Justice to study, advise and submit a legal framework in August 2018.

Nick Giurietto, General Manager of the Australian Digital Currency & Commerce Association, introduced the process of building regulatory framework related to digital currencies and Blockchain in Australia. “Providing a regulatory framework for new technology such as blockchain requires a clear understanding of policy makers to support for that framework,” he said.