June 25, 2018
Infinity Blockchain Labs (IBL) was honored to be a Strategic Partner of Blockchain Forum- Vision and Development on June 14, 2018 in Hanoi, which was co-hosted by VnExpress and the Minister of Science and Technology (MOST). Aside from MOST, Blockchain Forum 2018 welcomed many leaders from the regulatory agencies of the Ministry of Justice, Ministry of Information and Communications, and State Bank Vietnam. According to Chu Ngoc Anh, representing the MOST, Developing Blockchain to build e-Government is one of the top three substantial tasks that MOST will use to support Blockchain application development.
In addition to hearing speeches from government officials on blockchain topics, attendees heard topics from speakers in both foreign governments and well-known foreign corporations in the blockchain sector. Experts from IBL including Mr. Do Van Long, Regional Chief Strategy Officer (RCSO) of IBL participated as speakers. Mr. Long delivered the Keynote on “Overview of the development of blockchain technology in Vietnam” the Panel Discussion on “Specific Projects by Enterprises: Blockchain could eliminate negative issues in the Banking sector.”
CEO for IBL, Junya Yamamoto, interviewed by VTV
Opportunities and challenges of developing blockchain technology in Vietnam Speakers emphasized the potential of blockchain development in Vietnam but recognized that the technology represents both an opportunity and a challenge. Mr Long, who has five year experience in research and development, believes that Vietnam missed many opportunities in the latest series of technology developments.
Today we can see blockchain at work as well as its challenges. Long explained “if artificial intelligence is compared to a human brain, IoT facilitates connections and blockchain allows people to connect to networks while enabling intelligent communication. Many leading corporations in the technology sector such as Apple, Google are expecting blockchain technology to be applied in many sectors in the next two years”, said Mr. Long.
Watch Long’s speech here! (in Vietnamese)
Over the past two years in Vietnam, Mr.Long had difficulties in sharing blockchain because many Vietnamese people misunderstood the technology. Many think blockchain is only cryptocurrency such as bitcoin but of course cryptocurrencies are just one of many applications in blockchain technology.
CPO of IBL, David Lang, at the IBL booth
Mr. Long stated that, although the concept of blockchain is no longer brand new, there has been rapid development in its applications. The potential in blockchain is that it plays a role in supporting infrastructure and information transparency since data cannot be altered without agreement from all computers on the network. As with the case of Uber, Long said that if transactions between the driver and Uber make use of a blockchain platform, all information will be transparent and the management of the authorities will be easier.
It is vital to have the legal framework suitable for the new technology. In accomplishing a suitable legal framework, Mr. Long maintained that education and training are essential. “When business leaders who are in charge of developing a strategy understand the nature of technology, they can make a clear development policy.”
As a new company in this industry, over the past two years IBL has been sharing their knowledge to help other companies develop pilot studies to showcase blockchain not only in the financial sector, but many others in Vietnam.
IBL is also partnering with many universities in Vietnam, including HCMC Technology University and Danang Technology University to build labs that are being attended by over 1,000 students, developers, and entrepreneurs. IBL also actively participates in professional associations in Vietnam. In June 2018, Blockchain Chapter was established which was empowered by VECOM. Mr. Long expected that Blockchain Chapter would help the knowledge of new technology come to numbers of people, businesses, and management agencies.
Furthermore, IBL is looking to Vietnam with many other projects such as the new Fruitchain initiative. “We are developing a product based on blockchain technology that includes additional layers of information management storing database from planting to harvesting. This product is applied to a mango trading business which helps save a lot of money while including additional layers of information management and storing everything from planting to harvesting.
Mr. Long said that one of the most critical things is the understanding of leaders to apply blockchain technology to their own businesses. They usually have their own advisory group to understand blockchain then set the direction for development. Along with that, business leaders must pay attention to training personnel to study new applications of the technology. Following technology knowledge and human resources, Vietnamese businesses could fully apply this technology in their lives.
First and foremost, universities and management organizations should have training and educating courses for blockchain technology. Second, investment in research into pilot applications that improve technological processes is necessary. Finally, building a sandbox to encourage all businesses and monitor how well the application of this technology works
Blockchain forum was the first blockchain event in Vietnam with the participation of many partners, representatives from regional governments, founders, consultants, and Vietnamese businesses. This forum is essential event for policy makers to connect, discuss and get recommendations on blockchain in the near future.
Infinity Blockchain Labs (IBL) is a visionary R&D company committed to advancing society with next-generation solutions. We are currently the blockchain ecosystem leader in Vietnam with a global reach. Our mission is to be the R&D engine that transforms future technology into practical applications for business and everyday life. Named one of the top ten blockchain technology solution providers in 2018 by APAC CIO Outlook, our 200+ employees at IBL aspire to empower Vietnam to become the global leader in blockchain research and development.
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