Mar 26, 2021
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.
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.
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.
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.
“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.
Sep 22, 2023STARLEO JUNIORS 2023: Open for Registration
Wanna be the local representative of BUV at your high school and gain valuable experiences? APPLY NOW to become one of the Starleo Juniors, BUV’s very own network of high school students who will work closely with our Marketing, Communications, and Student Department to spread BUV’s image and spirits to student communities in Vietnam. Should […]
Aug 23, 2023We Unite – Celebrating the community of BUVers’ creative ideas and collaborations
Recently, BUVer celebrated our key values of collaboration and innovation throughout a thrilling and unforgettable week. This is the third week in the series of Value Week in which BUV honors our new core values. In particular, numerous workshops, seminars, tournaments, etc. are organized giving BUV members valuable experiences in personal growth and community engagement. With […]
Aug 08, 2023BUV accompanies the Nationwide Journalism Award “For the Cause of Vietnamese Education” for the 6th consecutive year
On August 2nd, Ms. Võ Hồng Hạnh – Director of the Marketing, Communications, and Admissions Department of the British University Vietnam (BUV) represented the university at the press conference launching the 6th annual nationwide journalism award “For the Cause of Vietnamese Education” in 2023, in the capacity of being the Diamond Sponsor for the award. […]
Aug 03, 2023Vũ Cát Tường, JustaTee, and tlinh ignited the stage at BUV Meet & Mingle 2023 – Unleash Your Greatness
Excite, vibrant, and enthusiastic are the emotions that over a thousand audiences shared together at the Welcome Day for new students, Meet and Mingle 2023, of British University Vietnam. During Meet & Mingle 2023 Welcome Day, new students had the opportunity to experience interactive activities with friends, upper-class students, engage with professors, explore club booths, […]
May 09, 2023Decision on approving the collaboration in providing of the collaborative programme of Master of Business Administration between British University Vietnam and Staffordshire University
Vice Chancellor and President of British University Vietnam signed the Decision on approving the collaboration in providing of the collaborative programme of Master of Business Administration between British University Vietnam and Staffordshire University with a duration of 5 years This decision deepens the link between the two Universities, setting the stage for the expansion of […]
Dec 14, 2022British University Vietnam cooperated with Khanh Hoa University to organise an International conference “Innovation and Development of Tourism after the Covid-19 pandemic”
At the conference, Professor Raymond Gordon, Vice-Chancellor and President of BUV, emphasised that this is a significant opportunity for scientists from Vietnam and around the world to gather and share results of their research, make contributions, and find solutions for the recovery of the tourism industry of Khanh Hoa and our country from the Covid-19 pandemic. […]
Dec 06, 2022BUV signed a memorandum of agreement with the university of Bristol, opening up further Post-graduate progression opportunities for BUV Students
On October 31st, British University Vietnam (BUV) officially signed off a memorandum of agreement (MOA) with the University of Bristol (UK), with leaders of both institutions participating. This is a step towards the shared development of a long-term partnership between these two organizations, since the first signing of the cooperative MOU in June 2022. The […]
Nov 23, 2022BUV Proud to be Title Sponsor of BritCham-BUV Charity Fun Run 2022
On Sunday, November 13, 2022, the BritCham-BUV Charity Fun Run 2022 charity event took place extremely successfully at BUV Campus, Ecopark with more than 2000 attendees. BUV is proud to be its Title Sponsor – the biggest sponsor with the desire to join hands to improve the quality of life of the disadvantaged people in […]
Nov 23, 2022British University Vietnam received the QS 5-star Rating Certificate
Recently, British University Vietnam (BUV) received the 5-star QS Stars certificate at the QS Stars & Recognition Awards (Jakarta, Indonesia). The ceremony was organised to award educational institutions in the Asia-Pacific region that are recognised for improvement, research excellence, reputation impact, and sustainable development. Prof. Dr. Raymond Gordon attended the QS Higher Ed Summit: Asia […]
Nov 07, 2022BritCham-BUV Charity Fun Run 2022, BUV shares Responsibilities with the Community
BritCham Charity Fun Run is an annual event of the British Chamber of Commerce Vietnam. After 2 years away, the BritCham Charity Fun Run is back. The run brings together the British, international and Vietnamese communities encouraging healthy living and most importantly raising funds for Charities working in Vietnam to help the people most in […]