It is undeniable that Vietnam is a potential land for blockchain technology when possessing favorable and attractive conditions for implementing projects. The application of blockchain technology (blockchain) is considered an inevitable trend and this technology is having a strong boom in Vietnam.
Definition of Blockchain technology
Technically, Blockchain connects with each other via computer networks, but it has cryptographic applications and combines with traditional information technologies to store data in the form of linked blockchains and according to the underlying mechanism. Consensus and transparent mechanism between computers participating in the system. Blockchain technology helps authenticate information on the system securely and cannot be altered or tampered with. In terms of application, Blockchain as an electronic diary to store information has happened accurately and transparently.
Blockchain technology has been applied in many fields, especially in the field of DeFi. The intersection of areas like DeFi, GameFi, or NFT will appear within the next 5 years.
Opportunity
Diverse options, low costs: The cost of hiring and operating projects in Vietnam is very competitive and there are many options to consider.
Good scalability: According to statistical data from Stalin, Vietnam ranks in the top 10 countries that own the most cryptocurrencies in the world. Therefore, it is important to develop a project in Vietnam for easy adoption.
Support from the government: The Government is also interested in and supporting the research of new technologies according to the Prime Minister’s Decision 100/QD-TTg 2019 on Traceability, which encourages technology application. Blockchain and Decision No. 2117/QD-TTg 2020 on promulgating the list of applied technologies in the field of digital technology, including Blockchain technology.
Challenge
Tech-savvy: It is necessary to have a background in technology training and training for many different people and audiences. This is still a nascent industry, so there is no formal information or classes, so it is inevitable that some new entrants will lack knowledge.
Legally: Currently, the legal corridor for blockchain and ICO activities is still unclear in many countries in general and Vietnam in particular. . This means that it is not possible to collect taxes from ICO activities, as well as not protect investors who own digital assets.”
According to experts, Vietnam is standing on par with the world in the blockchain. Even if it is possible to build blockchain applications, Vietnam can completely compete with other countries in this field. Let’s look forward to the positive signals for the flourishing of this emerging industry that is developing and breaking through in Vietnam!
