August 21, 2019
Ho Chi Minh City, Vietnam, August 18th, 2019 – Vietnam Blockchain Corporation shared about new applications of Blockchain technology in storing information at WBF Conference Vietnam.
The Conference occurred in Ho Chi Minh City, gathered more than 1000 professionals, top speakers in Blockchain, Fintech as well as investors in Vietnam and world-wide. WBF focused on discussion about technology application 4.0, AI into management, investment, system development. Especially, this event helped investors to correctly identify Blockchain projects, organized panel discussions, predicted Blockchain development trends, Blockchain applications into economic sectors…
WBF also estimated Vietnam’s potentials, opportunities and threads in cryptocurrency deployment in the near future. Vietnam’s potentials would be: High level in Internet penetration in population, high in working-aged population, digital technology foundation and higher development status rather than other regional countries, stable development of macroscopic Checonomy, priority in technology start-ups… Once challenges in building a firm legal corridor are accomplished, human resources in cryptocurrency, new technology investment… will help Vietnam to become a pioneer country in Asian crypto market.
In a panel discussion topic named “The Commercial Development of the Blockchain in the Traditional Industry”, Mr. Do Van Long, CEO of Vietnam Blockchain Corporation, CSO of Infinity Blockchain Labs, shared about new Blockchain application in storing information, that is a credential platform for value chain. He explained that Blockchain applications currently have been working on one basic principle is storing information. However, this information storage and management needs to accumulate in value chain, which means it requires participation of all parties in chain, helping information more optimistic, credential and transparent. Mr. Long also said, information is one of the most important elements in all fields. Hence, benefits of Blockchain technology in value chain are not only applied in Agriculture but also widely in Finance, Insurance, Health Services, Loyalty and Digtal Citizen…
To illustrate for Blockchain technology solution in value chain, Mr. Long introduced Agridential, a blockchain based credential platform, designed to track and certify the information in the agricultural value chain.
Agridential, the amalgamation of both agriculture and credential, enables access to track and certify information through the value chain, starting from all steps of the production process, though transportation, to end consumption.
“Agridential” is the application platform for blockchain technology into credentials in compliance with GS1 standards. This platform helps monitor and certify the information in the agricultural value chain; thereby improving the transparency of information and product quality, increasing export opportunities. Credentials solutions using blockchain technology helps consumers verify the quality of agricultural products; minimizing fraud and risk in the supply chain, thereby enhancing brand reputation and value for genuine businesses in the market. Information is distributed scattered, into multiple versions on a multi-server community but ensures privacy, not centralized in a server, so phishing is almost impossible. The GS1 Standard is a globally recognized standard and is also being widely adopted by Vietnam. Therefore, the application of GS1 standards in credentiality of blockchain technology applications makes verification easier when exporting to major markets, contributing to increased product value.
The feasibility of the solutions is proven not only by technical tests but also through evaluation when applied on practical products. The feasible proof of the “Agridential” solution is the actual product in Cat Chu mango, belonging to My Xuong Cooperative in Dong Thap. Each mango has a QR Code identification stamp using GS1 standard blockchain technology.Consumers can look up the origin information of mangoes, from fertilizing, spraying, fruit bags to harvesting and distribution.Each information recorded by individual units (gardeners, cooperatives, distributors …) should avoid the situation where a unit manipulates all information.In particular, since all information is recorded using blockchain technology, it is not possible to delete, change or fake without leaving tracing history. Due to the information that mango fruit has been proved to be transparent, it is clear that Cat Chu mango Vietnam has been qualified to export to the US. On April 18, 2019, 8 tons of Vietnam’s first mangoes were exported to the US market by air, contributing to increasing the list of Vietnamese fruits exported to the US. Mango is the sixth fruit of Vietnam exported to the fastidious famous market of the US, after dragon fruit, rambutan, longan, litchi and breast milk fruit.
Besides My Xuong mango fruit, Agridential is also piloted on many other products such as: Organic turmeric powder – Biophap – in Gia Lai, Mayaca coffee – in Da Nang, pomelos – in Ben Tre, Nani honey – in Quang Ngai and many other products are being piloted in the provinces in the country.
Vietnam Blockchain Corporation – VBC Introduction
Vietnam Blockchain Corporation (VBC) is a technology company providing blockchain solutions and services in Agriculture, Manufacture, Supply Chain, Logistics, E-Commerce, Fintech, Sharing Economy, Public Services, and Smart City.
VBC aims to power Vietnam in becoming a Blockchain Country & Expert Hub.
VBC, formerly is Vietnam Blockchain Country project of Infinity Blockchain Labs (IBL).
Infinity Blockchain Labs – IBL Introduction
Infinity Blockchain Labs Co., Ltd. (IBL) is a company that researches and develops Blockchain technology with a commitment to promote social development with future technologies. With the leading position of the blockchain ecosystem in Vietnam and global market coverage, IBL aims to become an R&D unit that brings future technology into practical applications for existing businesses and daily life. Proud to be honored in the top 10 blockchain technology solution providers of 2018 by APAC CIO Outlook, more than 200 members at IBL aspire to make Vietnam a pioneer in researching and developing blockchain in the world.