Vietnam Blockchain Association ushers in a new era in Blockchain technology

The Vietnam Blockchain Association has entered into a strategic cooperation with leading cryptocurrency exchange Binance for the growth of the nascent blockchain technology.

Vietnam, the land of the “rising dragon”, has been an excellent market to promote and apply blockchain technology. The country has shown keen interest in motivating research and development in this technological field.

Earlier this month, the two entities announced their cooperation in blockchain technology research/application exchange and human resource training in Vietnam to promote the development of blockchain technology in the country and establish a bridge. with other major technology companies around the world.

A game-changing partnership

The recent announcement has created ripples in the blockchain industry. After all, Binance is unarguably the largest blockchain development technology company in the world. This specific strategic partnership will be key to the growth and development of blockchain technology in Vietnam in the near future.

In the recent past, we have seen countries increasingly review their jurisdictions to accommodate cryptocurrency. The adoption of digital assets is a reality that cannot be avoided. Some countries are reluctant to legalize it, but overall, adoption cases are increasing. Vietnam has been at the forefront in this regard, opening up to the unlimited and robust crypto sector, providing a wealth of opportunities.

“I believe that clear and effective regulation is essential for blockchain to be applied in all areas of life, not just in cryptocurrencies, DeFi or NFT,” said CZ (Changpeng Zhao), CEO and Founder from Binance. in a conversation with Huy Nguyen, co-founder of KardiaChain

The exchange is currently licensed to operate in Italy, France, Dubai, Abu Dhabi, and Bahrain.

CZ further assured that Binance will also always abide by local laws in Vietnam and focus on users, which will help “Vietnamese users in particular and users around the world to believe that Binance’s platform is the ‘one of the most secure and reliable in the world’.

Digital transformation

Blockchain technology can actually help bring the fourth industrial revolution to Vietnam. Mr. Ngo Duc Thang, Director of the Government Cipher Committee, was very particular about the development of the crypto sector and thus signed this strategic partnership.

“Going forward, the government will continue to facilitate, incentivize and promote early ventures to proactively accelerate the process of digital transformation in which blockchain technology is the mainstay,” said Duke Thang.

When it comes to job creation, the crypto sector can be decisive, creating around 40 million jobs by 2030 worldwide. It is also expected that 10-20% of the global infrastructure will eventually depend on Blockchain technology.

In the coming years, Vietnamese will witness digital transactions via Blockchain being promoted in many fields including banking, industrial production, energy, agriculture, healthcare, retail and consumption. Overall, the entire public sector stands to benefit from the direct applications of Blockchain technology and radically change many aspects of daily life and global business.

Promote Blockchain App

The Vietnam Blockchain Union was officially established a few months ago under the umbrella of the Vietnam Digital Communication Association. Primarily, the sole purpose was to connect the Blockchain community in Vietnam and also help solve policymaking issues and hold hands in legal corridors.

It is the first legal entity to represent blockchain researchers, business owners, and consultants in the country.

At its inaugural ceremony in May 2022, the Association announced a series of action programs to promote the application of blockchain technology in a digital economy and leverage Vietnam’s position on the global technology map.

Its mission is to share ideas and resources for in-depth research and application of Blockchain, develop products and services, conduct business in accordance with Vietnamese law and attract investment in industry activities. of the blockchain.

“I hope the Association will use its resources for technological and scientific projects in blockchain so that Vietnam can create outstanding products, become an active player in the global blockchain market and nurture industry talents to the future,” said Nguyen Van Tung – Deputy Minister. of the Ministry of Science and Technology during the ceremony.

It is undeniable that the future of digital communication will include Metaverse, Web 3.0, Artificial Intelligence and Blockchain. The formation of the Blockchain Union highlighted the Vietnamese government’s motivation to explore the use of Blockchain in work processes, to increase productivity and promote lifelong growth.

Various Vietnamese institutions are currently engaged in the research and application of Blockchain in technology products and services. KardiaChain co-founders -Huy Nguyen and Tri Pham (also founder of iron veil), both hold positions within the VBA and are eager to connect more organizations and individuals to the digital economy.

Binance will play a central role

In this strategic partnership, the role of Binance will be central. In no time, Binance has become the largest online exchange in the world by daily cryptocurrency trading volume. Binance also provides support services for users to earn interest and transact using cryptocurrencies.

Binance has multifaceted utilities. Binance Info, Binance Chain, Trust Wallet, Binance Research, Binance Academy, and Binance Launchpad are some of the exclusive branches it offers to crypto users and enthusiasts. It focuses on increasing the freedom of money in the world. With such a rich core team and technical expertise, Binance has been the perfect fit for Vietnam, leading the country with a new vision and motivation in the crypto industry.

Currently, every year, crypto users are growing at a rate of more than 100%. This is much higher and well ahead of the adoption rate the internet world experienced in the 1990s and early 2000s. Even though this cryptocurrency adoption rate is slowing to 80 %, the cryptocurrency will still reach 1 billion users by 2024. Overall, Vietnam is indeed on the right track, leading other countries in the crypto world.

In this rapid growth, the Vietnam Blockchain Association will also play an important role. The Association promotes staff training and attracts international investment to Vietnam.

“In its role, the Association connects and brings together the Blockchain community in the country and provides a bridge to bring Vietnamese products to the world and attract more international resources to Vietnam,” said Phan Duc Trung, Vice President of the Vietnam Blockchain Association.

 
Image by Gerd Altmann from Pixabay

Andrew B. Reiter