The recent Blockchain Week Conference held in Ho Chi Minh City, Vietnam revealed that there is a significant increase in the interest of the blockchain technologies in the country. About 2000 people participated in the two-day event where the focus was on the adoption of the blockchain technology in both fintech and regtech. With the speedy adoption of blockchain technology, the country has potential opportunities for growth to become the blockchain innovation hub in Southeast Asia.
According to Nicole Nguyen Head of the Corporate Marketing at Vietnam’s Infinity Blockchain Labs, the conference brought together various key players in the country’s ecosystem to help in expanding the blockchain industry. Furthermore, Vietnam is one of the greatest tech hubs across the globe and it has numerous opportunities to empower its robust tech-savvy experts to commence startup projects.
For decades, the World Bank has described Vietnam’s economy as resilient due to its sustained GDP growth. The country has experienced huge improvements in various sectors of the economy including health and education and it has reduced the poverty levels to 3% in a short period of time.
The country can use the blockchain technologies to improve various sectors of the economy including agriculture where the majority of citizens remain susceptible due to unpredictable climatic changes. Blockchain can be used to speed up the logistics, enhance product yields, and reduce the transaction fees.
Vietnam has strong talents with excellent programming skills and innovative tech community that is willing to develop applications that support cryptocurrencies. According to Charles Hoskinson, Co-Founder of Ethereum and Cardano, the blockchain technology is rapidly growing and it’s in its boom period just like the evolution of the internet during the 1990s.
The rapid adoption of the blockchain technology will transform the way of carrying out operations in a span of industries such as finance, real estate, healthcare, infrastructure, and education. Additionally, most blockchain applications revolve around hotel room booking, trading in real estates, and healthcare service offering.
Most tech giants including Microsoft, JPMorgan, IBM and others are already incorporating blockchain technology to offer the latest information platforms.