Positive Potential for the Future of Blockchain in Vietnam

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March 29, 2018

Vietnam Investment Review – The very first Vietnam Blockchain Week (VBW) has attracted 2,000 attendees and experts who were excited to discuss the future of this breakthrough technology in Vietnam.

Positive Potential for the Future of Blockchain in Vietnam

At the inaugural Vietnam Blockchain Week held in Ho Chi Minh City on March 7-8, various issues relating to blockchain have been presented by speakers, panelists, and participants. The most pressing topics include understanding blockchain and its applications in various industries, ranging from finance and education to logistics and healthcare.

Blockchain is defined as the digital ledger that provides a secure way to capture and access information via a chain of “blocks,” or grouped data. Traditionally, business or personal information is often stored in one place—blockchain now makes it possible to decentralise transactions, agreements, and contracts in a supposedly safe and transparent manner.

At the Vietnam Blockchain Week, experts emphasise that it is important to separate blockchain and bitcoin, a type of cryptocurrency that is making headlines around the world due to its disputed legal status, while blockchain is the technology underpinning bitcoin, its uses go far beyond digital currencies. The Vietnamese economy is growing very fast, prompting different industries to look into blockchain to increase the efficiency of their business.

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Blockchain Revolution

Another topic discussed during the two-day conference is how blockchain can revolutionise the banking industry. The technology is expected to simplify cross-border payments, allow faster shares trading, eliminate the middlemen, verify customers, and improve the customer reward process.

Positive Potential for the Future of Blockchain in Vietnam

Unlike cryptocurrencies, blockchain is being embraced by governments around the world, including Vietnam. For example, the National Payment Corporation of Vietnam has already been testing out blockchain in some transactions between Singapore and Vietnam.

Ta Viet Dung, head of the Technology Application and Development Department at the Ministry of Science and Technology, said that Vietnam welcomes new technologies like blockchain to help boost the economy.

“Companies in Vietnam can improve their business by using technology, which is accessible and transparent, yet at the same time safe and impossible to be manipulated,” said Leigh Flounders, co-founder of LINA REVIEW.

However, he stressed that blockchain is not a “magic wand” to solve all business problems. Businesses should test out what areas of their management need blockchain before deciding to integrate their system with this new technology.