How blockchain can transform supply chain & global trade finances

World Bank’s IFC presents: How blockchain technology can transform supply chain and global trade finances


February 17, 2017

For the first time in Vietnam, World Bank/IFC (International Finance Corporation), in partnership with Intrepid Ventures (Hong Kong) organized a thematic meetup on blockchain, supply chain and trade finances to demonstrate blockchain applications in pillar industries critical to investment, trading and commerce in the world and Vietnam.

World Bank’s IFC presents: How blockchain technology can transform supply chain and global trade finances

 Ms. Rachel Freeman – Advisory Manager for Asia Pacific region, World Bank/IFC delivers opening speech

Embark the journey with industry leaders

Following short opening speech by Ms. Rachel Freeman, Advisory Manager for Asia Pacific region, World Bank/IFC, on key concepts of blockchain and the implications for blockchain’s effect on global and local trade, Zach Piester, Founder of Intrepid Ventures and also panel coordinator, quickly surveyed the packed room of around 100 eager audience members with backgrounds in banking, financial institutions, businesses and blockchain startups . There seemed to be a handful of entrepreneurs and developers already working on blockchain applications while the majority were still quite new to blockchain concepts.
The room quickly heated up following the introduction of world-class panelists from major players in the field. Dr. Jutta Steiner, COO of London-based Fintech company Ethcore; David Sutter, COO and co-founder of Hijro – provider of blockchain-based platform in global trade and finance supply chain; and Nicole Nguyen, Infinity Blockchain Labs (IBL) – one of the world’s largest blockchain R&D companies that brings different insights and perspectives to the passionate debate on how blockchain can address classic challenges to global trade finances and supply chain.

World Bank’s IFC presents: How blockchain technology can transform supply chain and global trade finances

 World class panelists on the stage of Blockchain, Supply Chain and Trade Finance event

The panelists took turns articulated chronic problems related to credit ratings, credit access and hefty/underlying operational costs to global trade and finance, thus highlighting the need for blockchain or distributed ledger technology to provide a shared, immutable and trust-based registry of data to ensure data integrity, reduced paperwork and operational/overhead costs and traceable data avenues for all parties involved. The technology also addresses the entry barriers as well as regulation/standard gap among players from different countries.  

Reciprocal concerns and interests from the audience

The audience posed a number of industry-specific and general questions related to how the uploaded information can be validated before being recorded on the blockchain, how the government is perceiving blockchain and most importantly how the blockchain can disrupt their existing businesses in specific industries such as banking and supply chain. People also offered some interesting insights into local markets, the potentials of applying blockchain technologies to the primary industries of supply chain, agriculture and renewable energy, all of which have received significant attention from many groups including venture capital funds, government institutions and World Bank/IFC.

World Bank’s IFC presents: How blockchain technology can transform supply chain and global trade finances

Infinity Blockchain Labs as the leading blockchain R&D player in Vietnam

Presenting as local partner and one of the event’s panelists, Nicole Nguyen from Infinity Blockchain Labs introduces major corporate projects such as Alta Apps and the solar energy plus other education/partnership agendas and the coming up blockchain business contest ENIGMA. She also shares the open innovation model that Infinity Blockchain Labs is following to collaborate with players from various industries and realize industry-specific applications of blockchain. Moreover thanks to local insights and resources, IBL has already embarked on its way to become the leading provider of blockchain-based solutions for players doing businesses with Vietnam, where the opportunities of integrating Internet of Things and blockchain, FinTech and entertainment  are becoming more prevalent and expanding beyond a local scope. For example, the pragmatic upcoming projects on solar energy and developing concept of using blockchain, Internet of Things and big data-based technical solutions in incentivising farmers to follow world class agricultural practices and standards capture tremendous attention from the audience.

World Bank’s IFC presents: How blockchain technology can transform supply chain and global trade finances

Watch out for more fun!

The event lasted for 2 hours, followed by networking opportunities. However people are already asking for more time to discuss industry-specific use cases and more opportunities to engage with blockchain specialists in the next events. Intrepid Ventures will continue with another similar event in Singapore, simultaneously in Vietnam, World Bank/IFC and also Infinity Blockchain Labs undoubtedly will follow up with more workshops, events and engaging meetups to embrace the increasing hunger for blockchain in Vietnam. We have been reached out to by Vietnam E-commerce and Information Technology Agency (Ministry of Industry and Trade), a number of international and local banks such as Bangkok Bank, Techcombank. Vietinbank and various tech startups and companies including Olam, ETC, Comtek and we promise that everyone will have a place in this dynamic blockchain movement!
You can learn more about Infinity Blockchain Labs and stay current with our activities by visiting our website and social media accounts below:
Twitter: @infinityblockchainlabs
LinkedIn: Infinity Blockchain Labs
Contact: Nicole Nguyen