Vietnam Business Channel

Can Vietnam become a global Blockchain player?

Can Vietnam become a global Blockchain technology player? That is the question that Vietnamese and foreign experts will attempt to answer when they gather in Hanoi on June 14 for a conference on ways to promote the development of blockchain technology in Vietnam.

The "Blockchain Forum 2018: Vision and Development Trend" is being billed as a dialogue between blockchain enterprises and management agencies, seeking solutions to blockchain technology development in Vietnam.

Vietnam’s Ministry of Science and Technology and local media company, VnExpress are organizing the forum. The event It is supported by Infinity Blockchain Labs, organizer of Vietnam Blockchain Week in March of this year, along with blockchain platform developers Achain and Tomochain.

Blockchain technology has become one of the well-known technology terms in the last several years, but there is still wide spread confusion as to what blockchain technology actually is. Originally associated with Bitcoin and crypto-currencies the technology was seen as “sketchy” and questionable because of the negative publicity associated with crypto-currencies.

Most business people now have a better understanding of blockchain technology and understand that it is essentially a decentralized, public ledger system that is used to record transactions across multiple computers so that the original records can’t be altered without the collusion and consent of the entire network. 

Mainstream companies are now looking at the use of blockchain technologies across a wide variety of applications. Industries that are embracing blockchain technology include agriculture and food safety; healthcare and medical services; marketing and media; international trade and logistics; real estate; and education and smart governments.

The technology also continues to evolve with its original customer base ~ crypto-currency and digital asset companies. Adherents believe that the technology can be used to build a better financial systems and international banks such as HSBC and Standard Chartered are developing systems that can be used in international trade and settlements and believe that blockchain systems can free up billions of dollars in corporate liquidity.

Internationally, Dubai, Malta and Singapore have adopted blockchain technology and are in the process of developing and expanding legal frameworks related to this technology. At the Blockchain Forum in Hanoi, attendees will focus on identifying opportunities for blockchain development in Vietnam and will address human resource and technical skill challenges related to corporate growth.

The forum also expects to identify key areas of blockchain technology that the government should be involved with; from either the research and development or regulatory perspectives and to come up with policy recommendations that are in sync with the governments vision of Vietnam development during the 2020 ~ 2015 period.

In Vietnam, potential applications for blockchain technology, including finance, food safety, government and medical records management, property transactions and digital certification of real estate ownership. Experts believe that there should be a favorable legal framework that encourages the development of the technology and prevent risks.

A recent article in Forbes Magazine said that Vietnam could emerge as one of the new blockchain innovation hubs in Southeast Asia and across the world, which would help attract technology investors and foreign partners thanks to huge cryptocurrency transactions and dynamic blockchain development staff.

Immediately after the Hanoi forum, government officials from the five Mekong region countries of Cambodia, Laos, Myanmar, Thailand and Vietnam will meet in Bangkok for the 8th ACMECS forum. The goal of ACMECS is to create a Mekong regional business environment based upon “Seamless, Synchronized and Smart”, and financial interconnectivity is one of the areas the countries have agreed to cooperate on during the 2019 ~ 2023 period.


More information about the Blockchain Forum 2018 can be found at https://blockchain.vnexpress.net/.