Blockchain development requires expertise to mitigate risks
The development of Blockchain technology in the digital era requires new cooperation and business approaches and expertise from both local and international specialists to mitigate the risks it poses.
The Blockchain Festival 2018, the first of its kind, took place from May 24-25. (Photo: cryptonewsmagnet.com)
HCM City (VNA) – The development of Blockchaintechnology in the digital era requires new cooperation and business approachesand expertise from both local and international specialists to mitigate the risksit poses, according to experts present at the Blockchain Festival 2018 in HoChi Minh City on May 24.
Blockchain has been of great global interest in recenttime amid the strong growth of the Fourth Industrial Revolution or Industry 4.0and digital technologies. It has been addressed at many seminars and forums inVietnam in the hope that the development of Blockchain will contribute to thecountry’s IT growth.
Despite the great potential it brings in, Blockchaintechnology poses many risks due to technological limitations and lack ofrelated legislations in Vietnam, said Le Ngoc Giang, a legal and policy officerat the Ministry of Justice. Each Blockchain-based model needs different controlregulations and management systems to protect legitimate rights of users aswell as ensure the market stability, he added.
Vietnam is now one of the fastest-growing economies,fuelled by growing young population with a high rate of smart phone usage andlarge batches of IT graduates each year. In Southeast Asia, Vietnam has beendubbed “the Blockchain country to watch” thanks to the country’s high-techliteracy and abundant engineering resources.
"Vietnamis becoming more and more important on the global Blockchain map," saidDavid Nguyen, President of the Vietnam Chamber of Commerce Singapore andChairman of Regulus Investment & Capital Holdings. As such, Vietnam needsmore help from global Blockchain leaders to enhance the industry’s sustainabledevelopment. Improved awareness of the public, including ICT businesses,students and universities, will help reduce the risks, he said.
Itis critical to bring industry knowledge and expertise to one of the fastestgrowing markets in the Blockchain and crypto landscape, said Wu Xing, Director ofHuobi.Pro, the event’s organiser. “There has been a surge in demandfrom the Vietnamese market and we hope that by opening up new opportunitieshere, we can have a positive impact on both the localand global economy and Blockchain ecosystem.”
The Blockchain Festival 2018, the first of its kind in Vietnam, tookplace from May 24-25, featuring more than 30 speakers.-VNA
VNA
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The Blockchain Festival 2018, the first of its kind, took place from May 24-25. (Photo: cryptonewsmagnet.com)