Vietnam Blockchain Week

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By Quách Toàn Long | Startups from around the world gathered March 7-8 at Riverside Palace in Ho Chi Minh City for Vietnam Blockchain Week, the country’s first major blockchain conference. This two-day event for learning and networking with senior executives, policymakers, and key opinion leaders featured 60+ topics and 15 case studies, discussing the future of blockchain, how the technology can contribute breakthrough solutions to business, and how to create legal frameworks for this development.

The Startups Technology startups brought their very unique Blockchain solutions for different industries to the event. Some offer services such as management tools and security solutions to the cryptocurrency community, while others use blockchain to innovate system and solve business problems.

One of the featured industries, the online review and rating industry, is at risk of losing its customers’ trust using the current system. “It is not a surprise that more than half of those who use review information question the accuracy and reliability and ultimately the truthfulness of the review data,” Lina Review Co-founder Mitchell Pham says. “Because it’s difficult to know who pays for what review to be done and how that is actually managed.”

In order to solve the challenge, the Lina Review team has introduced a blockchain-based review ecosystem to reviewers, professionals and businesses all over the world. Mitchell describes the platform, Lina.review, as “the only blockchain platform built especially for the review industry in order to try to win back that trust from the consumer” by providing its blockchain-based technology from which everyone can create their own review system, with best possible transparency.

Another startup, Blockpass, uses blockchain technology to renovate the compliance services, reducing costs for firms while offering a secure solution for finance customers. Blockpass CEO Adam Vaziri believes that Blockchain can create “game-changer” solutions for regulation.

The Government Acknowledging the rapid growth and the potential of blockchain technology, governments worldwide are starting to develop their opinions on how to manage and work with the technology.

Department of Civil and Economic Laws Director General Nguyen Thanh Tu says during the event that a blockchain system can help governments manage property transactions. However, current laws and regulations are “outdated” and some time is needed to get up to speed with the technology.

The Director hopes that blockchain will be applied officially and mentioned in regulations and law documents in the future. However, at the moment the very first blockchain product, Bitcoin, is prohibited from being used as a currency in Vietnam, as are any ICO activities.

Despite that, blockchain still covers every corner of the conference and startups, both from inside and outside of Vietnam, are still working enthusiastically to create breakthrough solutions for every aspect of businesses. www.vietnamblockchainweek.com

About The Author Long is Jumpstart’s Journalist In Residence (JIR) for Ho Chi Minh City. He is a young professional who has a strong interest in connecting startups and telling their stories. His favorite topics are technology and arts. long@jumpstartmag.com