- Expectations to create breakthrough development from Blockchain
- More than 2,000 delegates, including nearly 300 international delegates from more than 30 economies attended for over 2 days the conference
- 20 Discussion Topics focused on: Technology – Blockchain Platforms, Regulations, DeFi & Fintech, NFTs & Metaverse, Web3 & DAOs
- The leading destination on the worldwide Blockchain event map
Hanoi, Vietnam, 27th October 2022, ZEXPRWIRE, Vietnam Blockchain Summit 2022 (VBS 2022) was completed successfully. The event, organized by the Vietnam Software and IT Services Association (VINASA) and the Vietnam Blockchain Association, has taken place on October 19 and 20, 2022, at the National Convention Center. The conference attracted the attendance of more than 2,000 leaders of agencies, associations, businesses, and leading experts about Blockchain policy and technology nationally and globally for over 2 days.
In recent years, Blockchain has become a pioneering technology and is rapidly growing all over the world. Blockchain has great potential and is fastly being applied to most industries and fields, creating new business models and bringing breakthrough development. Some reports show that the global Blockchain market is valued at USD4.67 billion in 2021 and is expected to reach USD7.18 billion in 2022, and USD163.83 billion in 2029, at an increasing rate and compound annual growth of 56.3% during this period.
Mr. Truong Gia Binh, Chairman of VINASA cum Founding Council, and Chairman of FPT Corporation shared in his keynote speech: “Blockchain has great properties of anti-counterfeiting, transparency, and decentralization. These are extremely promising conditions for the creation of Digital Twins in the era of comprehensive digital transformation. Blockchain is making breakthroughs in many industries. In 2021, in the financial sector, 6 trillion USD is transacted within one Ethereum chain, compared to 1.250 billion USD on Paypal, and 13 trillion USD on VISA. Various countries such as UAE, Estonia, Luxembourg, Switzerland … have put Blockchain into population management, and electronic identity. IBM, Amazon, and Mc Kinsey have brought Blockchain into supply chain management. The world will save $450 billion in annual trade due to fake products and reduce hundreds of thousands of deaths with 10% of fake medicines by applying Blockchain in these areas.”
According to experts, Vietnam is currently one of the most potential markets for blockchain. Blockchain projects developed in Vietnam resonate in the world market, shaping many useful Blockchain technology platforms and solutions, and attracting many investors. Of the top 200 blockchain enterprises in the world, more than 10 are Vietnamese. This is the base for the blockchain industry to continue to develop in Vietnam. In addition, the Vietnam Government is always ready to build hallways for new technologies to grow to serve the national digital transformation, towards creating breakthrough growth. In 2020, the Prime Minister signed Decision 2117/QD-TTg, promulgating a list of prioritized technologies for research, development, and application to actively participate in the fourth industrial revolution, including Blockchain technology. On June 15, 2021, in Decision 942/QD-TTg approving the e-Government development strategy towards the digital government, the Prime Minister assigned the State Bank to preside over the research, development, and piloting of a digital currency. Virtualization based on Blockchain technology from 2021 to 2023. The Government also has strong supportive policies for innovative startups, especially in the field of new technologies such as AI, Blockchain, VR/AR/XR…
Vietnam Blockchain Summit 2022 is positioned as an annual international event and has become one of the most attractive Blockchain events in the world. In the first year of being held, the event attracted more than 2,000 delegates, with more than 50 speakers, including nearly 300 international delegates from more than 30 economies – the powerhouses of blockchain technology in the world as well as other regions around the world such as: UAE, Singapore, Malaysia, Taiwan – China, USA, Korea, UK, France, Dubai… Vietnam Blockchain Summit 2022 received many supports from the Diamond Sponsor – FTX, Platinum Sponsor – FPT, Gold Sponsors – DFG, OKC (OKX Chain), AAX and XTATUZ, Silver Sponsors – BingX, CoinW, Playground, apM Coin and Copper Sponsors – MEXC Global, Chainalysis, AWS, CESS Cloud and many more.
Vietnam Blockchain Summit 2022 included many activities: Conference, Exhibition showcasing Blockchain platforms, solutions, and networking. The speakers focused on in-depth discussions on special announcements regarding new tech start-ups, technological progress, and growth, sharing lessons learned, investments, and overall upcoming trends and predictions, etc. Some featured topics among the total 20 sessions discussed are: Rethinking our approach to Blockchain in DX Era; What Stablecoins and the CBDC Mean for the upcoming transformation of finance; Unleashing the Power of Blockchain in the Enterprise; The Future of Digital Assets through the lens of FTX; Moving Forward: Mass Adoption of Digital Assets and the Future of Online Trading; Web3 winter has not dulled VC investment appetite; and many more. The event gathered a lot of high-profile speakers from: FTX, DFG, OKC (OKX Chain), AAX, CoinTelegraph, Jsquare, Gala, Sky Mavis, Binance, BNB Chain, Chainalysis, AWS, Kyber Network, etc.
Mr. Phan Duc Trung, Vice President of the Vietnam Blockchain Association shared at the event: “While traditional databases only track records for single entities, blockchain connects a group of entities and allows data to be synchronized between multiple independent stakeholders. That is why blockchain technology is opening up new applications in the global economy. The first Blockchain Summit held in Vietnam today will create technology consultation connections, contributing to the promotion of the digital economy in the near future. The event will provide insightful information on this industry and recognize appropriate recommendations on compliance policies when domestic and international organizations develop business models applying blockchain technology in Vietnam.
In the future, when blockchain technology becomes the economic infrastructure, a central bank digital currency known as CBDC will be a necessary step forward in legal currency trades worldwide. At this time, CBDC will be designed as a financial services platform to bridge many gaps in today’s digital market system.”
Over the years, Vietnam has always been rated as one of the fastest-growing countries in the world. However, in order to maintain growth in a sustainable way, new innovations and new solutions are needed. Vietnam is also carrying out a comprehensive national digital transformation, new technologies that can create breakthrough growth and development are always interested by leaders at all levels. Blockchain technology can do this. Vietnam Blockchain Summit with the great interest of scholars, experts, and leaders of state agencies, associations, and businesses is expected to actively discuss, find new directions, and create new innovations, also connected to create a real breakthrough according to the potential of Blockchain technology, contributing to the development of Vietnam in general and the world in particular.
According to a report by Grand View Research, the global blockchain technology market size is valued at $5.92 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 85.9% from Meanwhile, in Vietnam, according to a MarketsandMarkets report, the blockchain-related device market in Vietnam is expected to reach a value of nearly $2.5 billion by 2026, a fivefold increase in size and scale compared to 2021. Among the top 200 companies and enterprises operating in business based on blockchain technology, there are 7 enterprises founded by Vietnamese people. Vietnam is also one of the 5 leading countries in blockchain, currently, there are about 10 Vietnamese innovative startups in the blockchain field with a capitalization of over 100 million USD, and there have also appeared unicorn startups in Vietnam.
Vietnam has a fairly high level of acceptance for cryptocurrency transactions. According to the Global Crypto Adoption Index report 2021, Vietnam has grown by 881% over the previous year to rank first out of 154 countries in this competition. According to Chainalysis, from July 2021 to June 2022, cryptocurrency trading activities in Vietnam in value amounted to 112.6 billion USD, surpassing even Singapore ($101 billion). A report by Triple A shows that Vietnam has nearly 6 million people owning this type of property. However, the training of awareness and human resources to develop blockchain in Vietnam in a strategic way is being left open.
CDBC: Central Bank Digital Currency
- About FTX: FTX is the world’s most compliant cryptocurrency exchange, and is trusted by over 1 million users. Find out more: https://ftx.com/referrals#a=FTXVNM
- About FPT: FPT (or FPT Group), is the largest information technology service company in Vietnam with its core business focusing on consulting, providing and deploying technology and telecommunications services and solutions. Find out more: https://fpt.com.vn/en
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.