Vietnam – A Potential Destination For Global Blockchain Technology

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April 11, 2018

2017 is a year marked by the revolutionary blockchain technology and cryptocurrency. Well-known amongst them is the fast ascent of Bitcoin, whose prices have been risen more than 2,000% in the past year at some exchange platforms, reaching an all time high of around $20,000.

More strikingly, beside the blockchain applicated cryptocurrency, in many countries in the world including Vietnam, blockchain is a concept that is gradually becoming familiar and interested, generating many opportunities and challenges associated with creating a new wave of global financial economy.

The World Blockchain Landscape

According to the World Economic Forum, blockchain technology is revolutionary as it can be applied to various types of transaction involving value from currency, goods to real estate. “The potential use of this technology is almost endless, from tax collection, remittance payments to the banking system,” wrote Rosamond Hutt.
Nowadays, leading corporations such as UBS, Microsoft, IBM and PwC are all racing to apply blockchain to their specific business fields. A report by Aite, a financial advisory firm, estimated that banks had spent roughly $ 75 million in blockchain research in 2015.

Specifically, a few of countries in the world including Dubai, have planned to introduce blockchain applications in all fields of economy and society with the aim of becoming one of the first governments in the world to make the most of this new technology. By 2020, Dubai wants all visa applications, bill payments, license extensions to be made on a blockchain basis, further positioning the country as “The country of the Future”. According to Smart Dubai, an agency responsible for organizing workshops to discover top-notch blockchain-based services, the strategy of Dubai could save up to 25.2 million working hours or $ 1.5 billion per year in this country. Productivity will be significantly improved as the country is moving toward “paperless government”.

The Story of Blockchain Technology in the Vietnam Market

Vietnam - A Potential Destination For Global Blockchain Technology

From mid-2017, after the echoes of the ENIGMA contest – a blockchain-based business idea contest in Vietnam, businesses are increasingly focusing their attention on the true potential of this technology. At this stage, blockchain has had gradually gained prominence in a series of national technology events held in major cities, for example Tech Fest 2011, or the Startups 4.0 applying blockchain hosted by the Department of Science and Technology of Ho Chi Minh City.

By the end of 2017, the first-ever Blockchain Hackathon was held in Vietnam by Infinity Blockchain Labs, drawing prominent presence of major leading names such as Mekong Business Initiatives and Saigon Innovation Hub under the HCMC Department of Science and Technology. This event has also attracted huge attention from the tech community with nearly 20 completed product models after 36 hours of programming

To date, most Vietnam startups have been applying blockchain in the financial sector. This also partly explains why the majority of Vietnamese tech community only know about blockchain-based Fintech applications. Currently, the number of blockchain startups in Vietnam has surpassed the number of 20. In addition, there are more than 10 exchange platforms and approximately 10 companies raising funds for blockchain capital, which are announced by Vietnamese companies based in foreign countries. Som e of the most remarkable fundraising projects in Vietnam can be referred to the Kyber Network (about $ 52 million) and TomoChain ($ 7.5 million), BigBOM (about 1 billion tokens). Businesses are also beginning to deploy research teams and blockchain testing projects. Moreover, blockchain has also attracted the strong attention of many “powerhouses” such as Napas and TMA Solutions. In addition, banks and auditing companies in Vietnam are also shifting their interest in this new technology.
In the field of blockchain research and development, there are only two companies operating in Vietnam, which are Infinity Blockchain Labs and Proteusion. Not only focusing on product development, Infinity Blockchain Labs (IBL) also took the lead on collaborating with Bach Khoa University to organize the first Blockchain training course in Vietnam. IBL also cooperated with Robusta, VITEC and Viettel in late 2017 to expand its training scope in Ho Chi Minh City and Hanoi.

Vietnam - A Potential Destination For Global Blockchain Technology

In light of the current global technology trend as well as the flourishing blockchain ecosystem in Vietnam, Vietnam Blockchain Week 2018 (VBW) – the first international blockchain conference in Vietnam hosted by IBL, will be taking place from March 7 to 8 in Ho Chi Minh City. This one-of-the-kind event is an unrivalled opportunity to learn and exchange knowledge and practical skills with in excess of 1,000 local and international blockchain experts. This is also an appealing and invaluable technology playground promised to help individuals and businesses tap into the thriving blockchain landscape not only in Vietnam but also across the world.

A vast array of in-depth keynotes and insightful topics will be presented by a renowned lineup of guest speakers from global organizations such as OCBC, World Bank, NEO, Fintech Hong Kong, London Stock Exchange, Bank of America, Kraken, etc. The whole picture of this promising technology as well as its numerous potentials in Vietnamese market will be further discussed by leading pioneers in the Vietnamese blockchain community such as Nguyen Hung Nguyen (Vice Chairman of Vietnam National Payments Joint Stock Company), Tran Huu Duc (Director FPT Ventures, Adam Vaziri (Director of Digital Currency Association of the United Kingdom), Luu The Loi (Founder and CEO of Kyber Network) and David Nguyen Vu (President of Vietnam Chamber of Commerce – VietCham Singapore).

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

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