August 15, 2019
Da Nang, August 3, 2019 – Vietnam Blockchain Corporation (VBC) introduces blockchain technology and its application to enhance Vietnamese agriculture product value in increasing export opportunities, in the seminar “Export orientation, opportunities and solutions for businesses in the economic context today”.
The workshop was organized by the Department of Electronic Commerce and Economy under the Ministry of Industry and Trade, VCCI Da Nang, E-Commerce Association (VECOM) coordinated with Danang City Center for Industrial and Trade Promotion, in order to support enterprises to update information about Vietnamese enterprises’ opportunities and challenges in the current economic context. In particular, the topic of promoting import and export through e-commerce channels and improving product value by using Blockchain technology is a topic that draws many interests from audiences.
According to the Vietnam E-Commerce Index Report 2018, many Vietnamese enterprises have applied e-commerce to support import and export. In parallel with the increasing access to online public services such as e-customs, certification of origin in blockchain technology, many businesses have actively used the Internet to exchange business information with foreign partners, find customers, and implement contracts. Import-export business is a complex commercial activity that requires a clear and transparent information and product credentials. The potential of e-commerce applications in this field is huge; therefore, it is necessary to involve technological solutions to ensure Vietnamese agricultural products meet strict export standards.
In the seminar, Mr. Do Van Long, Director of Vietnam Blockchain Corporation (VBC) and Regional Chief Strategic Officer, Infinity Blockchain Labs (IBL), shared the application of blockchain technology in improving agricultural value through the agricultural credentials according to the value chain “Agridential”.
“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.
The credentials solution applied blockchain technology in compliance with GS1 standard, named Agridential, is researched and developed by Vietnam Blockchain Corporation – VBC.
The seminar helped Vietnamese businesses understand the great potential of blockchain technology in exporting through e-commerce channels; thus, open up many export opportunities for Vietnamese agricultural products in the current Vietnamese economic context.
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.