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Blockchain, Featured, News, Technology

Blockchain Technology to Accelerate Digital Transformation in Vietnam

The rapid emergence of blockchain technology has triggered a worldwide transformation across multiple industrial sectors. Nations all over the globe are racing to adopt the revolutionary technology that powers cryptocurrencies into their existing system infrastructure. Vietnam is marching forward making its presence felt in the global blockchain ecosystem. The South Asian nation has already undertaken multiple steps to accelerate blockchain implementation, setting up the Vietnam Blockchain Association and promoting blockchain development through bilateral and multilateral collaborations. 

Blockchain Incorporation Across Vietnam

The Vietnamese government has set up policies to expedite research and development across blockchain and technologies that lay the foundation for digital transformation. In April, the citizens witnessed the establishment of the Vietnam Blockchain Association, the nation’s first authorized entity to find opportunities and encourage the use of the technology across the nation. 

Phan Duc Trung, the deputy chairman of the VBA, acknowledges that the government recognizes the potential of blockchain and other new-age technologies, identifying them as a potential spearhead for developing the nation’s economy in the upcoming future.  

Also Read: How Blockchain Finds Use in License Management for Software and Online Assets?

Blockchain Employment Opportunities

The focus on developing Vietnam into a blockchain hotspot will facilitate businesses engaged in blockchain development, which will push the nation forward toward digital transformation. Estimates suggest that blockchain will create over 40 million employment opportunities. The technology will also power between 10% to 20% of the country’s economic infrastructure, optimizing work processes with efficient cost-cutting and accelerated transaction sharing.

The same sentiments have also been echoed by blockchain associations abroad. The Korea Blockchain Startup Association’s president, Mr. Choi Soo Hyuk, lauded the nation’s efforts in blockchain optimization across multiple business sectors. He remarked Vietnam has significant potential in new-age technologies such as blockchain with several businesses, scientists, academics, and engineers actively involved in research and figuring out the technology’s viable applications. 

Mr. Park Bong-Kyu, the chairman of MARVELS World Blockchain Summit and the Korea CEO Summit, also reflected on the abundance of skilled human resources and requisite technology infrastructure. The nation also has a thriving blockchain community, fulfilling all the requirements for holistic blockchain development.

Also Read: Impact of Blockchain Technology on Corporate Treasuries

Conclusion

7 of the top 200 global blockchain development companies in the world were established by persons hailing from Vietnam. There are over 10 innovative onfield start-ups with a market capitalization exceeding 100 million. Blockchain is presenting a platform for nations, governments, and people, contributing a significant role in digital transformation.

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