Bright Future For Vietnam Blockchain Industry – But Not Without Challenges

DUBAI, United Arab Emirates, March 30, 2022 (GLOBE NEWSWIRE) — AlphaTrue and many Vietnamese enterprises attended the Vietnam Blockchain Expoverse, hosted in Dubai on March 27th, 2022. This half-day event was the chance for blockchain enthusiasts and companies to share their experiences and views on Blockchain’s vision, potential, challenges, and technology applications.

Blockchain is booming in Vietnam

Ms. Gwendolyn Regina, Investment Director of BNB Chain Fund, reported that Binance Chain had experienced rapid growth in the last year. Blockchain technology was widely applied, especially to Defi (Decentralized Financed). Mr. James Wo, CEO of DFG Group, agreed that the structure of Layer 1 platforms would be even more solid. Mrs. Nicole Zhang, Director at Binance Labs, shared that Web2 projects will shift more focus to Web3.

Mr. Tran Dinh, an experienced blockchain investor & researcher, and CEO of AlphaTrue – a Vietnamese company specializing in Blockchain and Defi products – a member of Decom Holdings,  affirmed that: “Vietnam has abundant human and technology resources and a large blockchain community. The two advantages that made Vietnam a potential land for blockchain projects would be:

• Diverse choice and low cost: The cost of hiring talents and managing projects in Vietnam is competitive, and there are many choices.
• The ability to expand: According to the data from Stalin, Vietnam is amongst the top 10 countries with the most cryptocurrencies. It is vital to develop projects in Vietnam to gain trust and acceptance from the community.”

Blockchain’s potential in the next 5 – 10 years

Also according to Mr. Tran Dinh, the future of Web3 and Blockchain will dominate: data encryption and decentralization, blockchain technology, and power in the hands of the user. It will be more focused on users’ online security, intellectual property, and personalization.

Moreover, Ms. Gwendolyn Regina shared that the interference of Defi, GameFi, and NFT will appear in the next five years. Tokens will be a valuable long-term asset in the future instead of just being a currency or a means of trading. Mr. James Wo forecasted that blockchain technology would be even more common, with the market expanding ten times larger. The number of users will be as many as the number of Internet users. 

Ms. Lynn Hoang, Binance SEA Director, also mentioned: “Vietnam will soon become the frontrunner in the global blockchain industry. The country is in the top 10 on Binance for various aspiring blockchain projects and products that attracted attention from the global community.” 

Mr. Tran Dinh strongly advised the road ahead will be challenging, so help and aid from the government and big corporations will be needed. The three main challenges in Vietnam, according to him, are:

• Human resource: There are not many blockchain experts in Vietnam. Most of the available experts have a background in game and application development.
• Infrastructure: In Vietnam, corporations are more focused on application development, which means a limitation in infrastructure to develop blockchain projects.
• Policy: Many Vietnamese corporations have not gained access to many new policies regarding Blockchain.

According to Binance representatives, Binance is also making an effort to bolster the development of blockchain in Vietnam. “We care about leveraging the community’s knowledge about blockchain. We localized at least 300 free lessons, from basic to advanced level on this topic for everyone,” Ms. Lynn Hoang shared. She is very optimistic while many blockchain talents are coming back to Vietnam and hopes that Vietnam will be known for its sustainable blockchain ecosystem in the future.

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