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With the use of blockchain technology seemingly growing exponentially every year, it stands to reason that this nascent market will continue to penetrate and find use cases in many areas of the technologyThese include healthcare, supply chain management, cross-border remittances, and more. in short term.
in this regard, conservative estimate indicates that the global blockchain industry, valued at a cumulative $5.92 billion in 2021, will grow at a compound annual growth rate (CAGR) of 85.9% between 2022 and 2030.
This is also why many governments have been actively seeking to use this technology, as it can help strengthen their internal data processes by making them smoother.
So far, the Vietnam Blockchain Association (VBA), a legal entity connecting members of the Vietnamese blockchain community, is bringing Vietnamese products to the world while attracting more international resources.
The association has entered into a strategic partnership with leading cryptocurrency exchange Binance to promote the use of this rapidly evolving technology across the country and beyond.
According to available data, Vietnam is one of Asia’s technological hotbeds, with fastest growing economy in the world.The country is an ideal cornerstone for the deployment of various blockchain products, especially since local regulators and government officials have time and again show keen interest in research and development (R&D) in this mature field.
In fact, the Vietnam Blockchain Association (VBA) and Binance revealed that their collaboration replaces the commitment of local authorities to promote research/application and human resource training of blockchain technology across the country.
This will primarily be about bridging the technological gap that exists between the country’s current technological framework and the demands put forth by various companies that have long sought to enter the region.
Why the VBA and Binance partnership is a game-changer
It is right that the establishment of the Vietnam Blockchain Association (VBA) and its aforementioned partnership with Binance has had a significant impact on the global tech space.
This is because Binance, by far one of the most popular crypto/blockchain companies in the world, recently closed a new $500 million investment fund Backed by leading global institutional investors Assisted in the development of various Web 3.0 and blockchain projects throughout their lifecycle.
In detail, this specific strategic partnership will allow Vietnam to maximize its growth prospects, especially as the country’s economy has been ravaged by the Covid-19 pandemic recently, leading to its GDP (gross domestic product) very slippery In the past few years.
Furthermore, it is worth noting that in recent years, more and more countries have begun to rapidly adopt digital assets and their related technologies. This is because most regulators and governments have begun to understand the enormous social, technological and financial potential of these assets.
So far, the entire crypto/blockchain industry is Ready to grow to a $32.4 trillion valuation The CAGR will be 58.4% until 2027.
A significant portion of this funding has the potential to go into developing economies like Vietnam, which has shown time and again a keen eye for blockchain and crypto.
Combined with the fact that Binance is currently licensed to operate in Italy, France, Dubai, Abu Dhabi and Bahrain, the jury is still out on how profitable this partnership will be for Vietnam’s tech sectorA new era of innovation may be ushering in, where local tech talent in the region can find ways to pay well without moving abroad.
A radical change is coming
According to Ngo Duc Thang, director of the Vietnam Cryptographic Council, the use of various blockchain-enabled services will stimulate the “fourth industrial revolution” within Vietnam, adding that the partnership between VBA and Binance will not only help promote Development of Vietnam. Global cryptocurrency industry, but also creating a lot of local jobs.
“In the future, the government will continue to promote, encourage and promote early-stage enterprises to actively accelerate the process of digital transformation with blockchain technology as the mainstay.”
From a purely macroeconomic perspective, it is estimated that the blockchain/crypto industry will Create up to 40 million jobs by the end of the century. Many of these opportunities will enter the Asian market, allowing many talented/skilled people in Vietnam to gain long-term financial security/stability in the process.
Promote blockchain applications
Recently, Nguyen Van Tung, Vietnam’s Deputy Minister of Science and Technology, said that in the next few years, he hopes Vietnam will lead the way in the development of blockchain technology, Add to,
“The Hope Association (VBA) devotes its resources to blockchain technology and scientific projects so that Vietnam can create excellent products, become an active participant in the global blockchain market, and nurture industry talents for the future.”
In this regard, a large number of Vietnamese institutions are currently researching and applying blockchain in various fields such as banking services, industrial production, energy, agriculture, healthcare, retail, etc.
So, as the crypto/blockchain industry continues to rapidly mature, the Vietnam Blockchain Association (VBA) partnership with Binance will transform the country into a tech superpower by attracting investment from around the world. So it will be interesting to see how the future develops from here.
Huy Nguyen is co-founder and CEO cadia chain.
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