Which future fields strengthened by Blockchain?

A Seminar was held on future trends in blockchain technology application with the participation of industry-leading experts, exclusively for BUV’s MBA students.

The recently held seminar in Hanoi provided participants with a comprehensive yet accessible insight on the topic of “Blockchain future trends and its application in business”. BUV’s MBA students had the opportunity to discuss their interest on the matter with international and Vietnamese blockchain experts.

A billion-dollar market

Blockchain technology allows data to be encrypted and securely shared to any users within a decentralised network, eliminating the need for traditional third parties and middlemen to verify the information. With benefits such as data transparency, higher security, and lower costs, blockchain technology has become a phenomenon and is being utilised in an increasing number of industries.

Addressing the potential of blockchain, Dr. Sam Goundar – Senior Lecturer at BUV and author of the book “Blockchain Technologies, Applications And Cryptocurrencies: Current Practice And Future Trends” – cited that the World Economy Forum expects the global blockchain market size to grow from $US242 million in 2016 to $US7.684 billion in 2022, with a Compound Annual Growth Rate of 79.69%, as well as contributing up to 10% (around $US100 trillion) to the global GDP in 2025.

Dr. Sam Goundar, Senior Lecturer at BUV, sharing knowledge on practical applications of blockchain.

According to Dr. Goundar, one of the most common misconceptions many people have is that blockchain and cryptocurrency are the same. In reality, cryptocurrency only represents one of blockchain’s many applications. Some of these include real estate management, supply chain management, money transfer, electronic ID verification, product origin tracing in agriculture, e-government, to name a few.

“Let us look at the Covid-19 pandemic, for instance. The global supply chain was severely disrupted due to its heavy reliance on human involvement. In situations like this, the use of blockchain Smart Contracts to automatically execute and enforce the terms of agreement between parties while guaranteeing transparency, reliability, and security, would be an effective solution”, said Dr. Goundar.

Blockchain outlook in Vietnam

Referring to the potential of blockchain in Vietnam, Mr Do Van Long – CEO of Vietnam Blockchain Corporation – stated that the time is ripe to advance the research, development, and application of blockchain technology.

“In the next 5 years, there will be around 20 billion digital devices connected to each other. This will be a test for the IT industry and database systems, challenging them to find a new technology to help us connect and share data faster, more reliable, and more secure, to which blockchain might very well be one of the solutions”, Mr Long commented.

Mr Do Van Long, CEO of Vietnam Blockchain Corporation.

The CEO also forecasted strong blockchain application in several industries in the coming years. Noticeably within the Finance Industry, in which the use of blockchain platforms to facilitate transactions have proven to be a fast, accurate, and reliable method.

In the field of Public Health, Mr Long shared that the Vietnam Government is currently researching and experimenting blockchain for the development of its “Covid Passports” – in which a person’s Covid testing results and other related information will be verified and store in a blockchain.

Speakers of the seminar.

Regarding agriculture, the blockchain expert noted that the potential could lie in product origin tracing using Blockchain QR Codes to ensure transparency and product quality. This is especially important since Vietnam has been participating in Free Trade Agreements with strict requirements over product origin. In addition, the Vietnamese Prime Minister has approved, in the previous year, a proposal to have at least 30% of all businesses in Vietnam implementing origin tracing methods on their available products by 2025.

According to Mr Long, Vietnam successfully exported its first batch of mango, weighing 8 tons, to the US in 2019. To comply with international product origin and quality requirements, each mango was marked with an identification stamp containing a Blockchain QR Code, allowing consumers to trace the mango’s origin from growth to harvest and distribution. This was done with the help of the Vietnam Blockchain Corporation.

Connecting the blockchain community

In the view of the Vietnam Blockchain Corporation’s CEO, one of the challenges for blockchain development in Vietnam comes from the people’s awareness. Blockchain technology is often morphed into cryptocurrency, leading many people to fall for pyramid schemes. In addition, rules and regulations have been unable to keep up with the rapid development of this new technology. This is an issue that every government in the world is facing.

Specialised seminar for BUV’s MBA student on blockchain.

“I want to build a community of reputable experts in the field so that we can share our knowledge and implement blockchain in a transparent and constructive manner”, Mr Long said.

Through the objective of “In-depth business acceleration for startup innovation and creation” within the “Support Innovative Startup Ecosystem in Vietnam Until 2025” initiative (National Program 844) by the Ministry of Science and Technology, Mr Long stated that blockchain can become widespread within the start-up community and can encourage new businesses to apply the technology in their operations.

Drawing from his experience in deploying many blockchain training projects for universities and businesses, the Vietnam Blockchain Corporation CEO believed that educating and training young people on new technological developments is the right thing to do.

“By organising this specialised and exclusive blockchain seminar for their students, BUV continues to prove itself as an adaptive and progressive education institution. The internet can provide you with vast information about blockchain, but it could also easily lead you astray. This seminar here today has provided access to a concentrated pool of knowledge and key terms, enabling you to understand blockchain better and quicker, helping you realise its value and practical applications to stay ahead in the future”, Mr Long concluded.