The Vietnam Blockchain Summit 2022 took place in Hanoi last week, gathering blockchain experts from 30 countries. Nearly 20 seminars and discussions were held, focusing on issues such as optimizing Blockchain application in business; using Blockchain in management to create new business models in emerging markets; Web3 strategy; possible impact of Stablecoin and CBDC (central bank digital currency) on the financial market; and NFTs (non-fungible token), DAOs (decentralized autonomous organizations) and creating value in the Metaverse.

At the event, Binh said that Vietnam, starting from zero, has cemented its position in the world’s software industry. The country maintains a strong determination to strive for digital technology.

“Digital technology is present everywhere, from state agencies to businesses, and Vietnam has shown that it is a wonderful destination for digital technology,” he said.

He said that Metaverse and Blockchain would create a new world. The pioneers shaping and creating this new world will have opportunities with limited restrictions.

Phan Duc Trung, deputy chair of the Vietnam Blockchain Association, said while traditional databases only track records for single entities, Blockchain can connect a group of entities and allow data to be synchronized among independent parties. Blockchain has thus paved the way for new applications in the global economy.

According to Trung, when Blockchain acts as the economic infrastructure, CBDC will be a step forward in legal currency trades among countries.  

By that time, CBDC will be a financial service platform narrowing the gap in the current digital market system.

Blockchain is becoming more popular and is now applied in most fields, creating new business models. Reports show that the global Blockchain market was valued at $4.67 billion in 2021 and is expected to have a value of $7.18 billion in 2022, $163.8 billion in 2029, with a CAGR (compound annual growth rate) of 56.3 percent.

Vietnam is considered one of the markets with the most potential for Blockchain with a high number of well-known projects. The government has developed policies to give strong support to innovative startups, especially in new technologies such as artificial intelligence (AI) and Blockchain. 

Duy Vu