Blockchain development requires expertise to mitigate risks hinh anh 1The Blockchain Festival 2018, the first of its kind, took place from May 24-25. (Photo:

HCM City (VNA)
– 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, according to experts present at the Blockchain Festival 2018 in Ho Chi Minh City on May 24.

Blockchain has been of great global interest in recent time amid the strong growth of the Fourth Industrial Revolution or Industry 4.0 and digital technologies. It has been addressed at many seminars and forums in Vietnam in the hope that the development of Blockchain will contribute to the country’s IT growth.

Despite the great potential it brings in, Blockchain technology poses many risks due to technological limitations and lack of related legislations in Vietnam, said Le Ngoc Giang, a legal and policy officer at the Ministry of Justice. Each Blockchain-based model needs different control regulations and management systems to protect legitimate rights of users as well 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 and large batches of IT graduates each year. In Southeast Asia, Vietnam has been dubbed “the Blockchain country to watch” thanks to the country’s high-tech literacy and abundant engineering resources.

"Vietnam is becoming more and more important on the global Blockchain map," said David Nguyen, President of the Vietnam Chamber of Commerce Singapore and Chairman of Regulus Investment & Capital Holdings. As such, Vietnam needs more help from global Blockchain leaders to enhance the industry’s sustainable development. Improved awareness of the public, including ICT businesses, students and universities, will help reduce the risks, he said.

It is critical to bring industry knowledge and expertise to one of the fastest growing markets in the Blockchain and crypto landscape, said Wu Xing, Director of Huobi.Pro, the event’s organiser. “There has been a surge in demand from the Vietnamese market and we hope that by opening up new opportunities here, we can have a positive impact on both the local and global economy and Blockchain ecosystem.”

The Blockchain Festival 2018, the first of its kind in Vietnam, took place from May 24-25, featuring more than 30 speakers.-VNA