Vietnam is a country that has evolved over the recent years and might become an Asian leader in blockchain technology, according to Forbes.
The Asian country has been improving its education and its overall health, notably with a rate of extreme poverty that is currently below 3%.
Only 31% of the Vietnamese adults have a bank account, while 40% of adults in Vietnam are expected to own a smartphone by 2021. That is a good situation for cryptocurrencies targeting the current financial service to be implemented with a potential majority of smartphone owners over bank account owners in the next years.
Vietnamese adults would then have the opportunity to accumulate money independently of the traditional financial system.
The head of corporate marketing at Vietnam’s Infinity Blockchain Labs, Nicole Nguyen mentioned,
“This presents excellent opportunities for Vietnamese startups to bootstrap their ideas and grow their user base, specifically by tapping in our massive underbanked population.”
More than 2000 people were present at the Blockchain Week conference held in Ho Chi Minh City and organized by Infinity Blockchain Labs, which demonstrates the interest for blockchain in this country.
Nguyen said that part of the mission of its company is to “connect the dots and bring together key ecosystem players in Vietnam to sustainably grow [the] blockchain industry in the country.”
She explains that the reward outweights the risk when developing a blockchain-based application in Vietnam. Even if there are “challenges such as the absence of regulatory framework [and] low awareness,” she expressed, “I believe this is just the start for Vietnam to identify and realize blockchain potentials.”
The head of corporate marketing at Vietnam’s Infinity Blockchain Labs is also optimistic regarding possible upcoming blockchain innovations in various economic sectors such as IoT, fintech and medical health.
With the growing interest of the potential of the technology, Nguyen is postitive regarding the future of blockchain in Vietnam and for the country to become a dominant blockchain hub in the world.
“Thanks to strong programming skills and [a] dynamic community, Vietnamese startups are now eyeing building applications beyond cryptocurrency. […] This in the long run will help strategically position the country [on] the global blockchain map.”