February 6, 2023

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With the use of blockchain technology seemingly growing exponentially with each passing year, it makes sense that this emerging market will continue to penetrate and create use cases across a range of technology sectors. Including healthcare, supply chain management, cross-border remittances, etc. in the near term.

In this regard, conservative estimates It indicates that the global blockchain industry, with a cumulative value of $5.92 billion in 2021, is set to grow at a compound annual growth rate (CAGR) of 85.9% between 2022 and 2030.

This is also the reason why a number of governments are actively seeking to use this technology as is to help enhance their internal data operations by making them more frictionless.

Up to this point, the Vietnam Blockchain Association (VBA), a legal entity that links members of one Vietnamese blockchain community to another, is working to bring the country’s products into the world while attracting more international resources.

The association has entered into a strategic collaboration with leading cryptocurrency exchange Binance to promote the use of this rapidly developing technology across the country and surrounding regions.

According to the available data, Vietnam is one of the technology hotspots in Asia that boasts one of the The fastest growing economies In the world. The country is the perfect cornerstone for the deployment of various blockchain offerings, especially since local regulators and government officials have them again and again. Show keen interest In research and development (R&D) for this mature field.

In fact, the Vietnamese Blockchain Association (VBA) and Binance revealed that their collaboration comes in place of local authorities promising to promote research/implementation of blockchain technology and human resource training across the country.

This will be done primarily to bridge the technology gap that exists between the country’s current technology framework and the demands being made by many companies that have been looking to make headway in the region for some time now.

Why the VBA and Binance Partnership is a Game Changer

The creation of the Vietnam Blockchain Association (VBA) and its aforementioned partnership with Binance have made huge ripples across the global tech landscape and rightly so.

This is because Binance is by far one of the most popular crypto/blockchain companies in the world, as the company recently shut down a new website. $500 million investment fund Backed by top global institutional investors To help develop many Web 3.0 and blockchain projects throughout their entire lifecycle.

To be clear, this specific strategic partnership will allow Vietnam to maximize its growth prospects, especially since the country’s economy was recently devastated by the Covid-19 pandemic, resulting in a gross domestic product (GDP) slip sharply over the past two years.

It should also be noted that in recent years an increasing number of countries have begun to rapidly adopt digital assets and associated technologies. This is because most regulators and governments are beginning to understand the enormous social, technological, and financial potential of these assets.

So far, the crypto/blockchain industry as a whole It is poised to grow to a valuation of $32.4 trillion By 2027, it is expanding at a compound annual growth rate of 58.4%.

A large portion of this money has the potential to make its way into developing economies like Vietnam where the nation has time and time again shown keen interest in blockchain and crypto technology.

Besides the fact that Binance is currently licensed to operate in Italy, France, Dubai, Abu Dhabi and Bahrain, there is no indication of how profitable this partnership will be for the tech sector in Vietnam. It is potentially ushering in a new era of innovation where local tech talent in the region can find well-paid ways without moving abroad.

A radical transformation is imminent

According to Ngo Duc Thang, Director of the Vietnamese Cipher Committee, the use of various blockchain-enabled services would spur the “fourth industrial revolution” within Vietnam, adding that the partnership between VBA and Binance would not only help the growth of the global crypto sector but also It generates a lot of local labor.

thang pointedAnd the

“In the near future, the government will continue to facilitate, encourage and promote early stage businesses to proactively accelerate digital transformation where blockchain technology is the mainstay.”

From a purely macroeconomic perspective, it is estimated that the blockchain/crypto industry will do just that Generating a whopping 40 million jobs at the end of the contract. Many of these opportunities stand on their way to the Asian market, allowing many talented/skilled individuals across Vietnam to reap long term financial security/stability in the process.

Promoting a blockchain app

Recently, Nguyen Van Tung, Vice Minister of Science and Technology of Vietnam, stated that he expects over the coming years his nation will lead the way when it comes to the development of blockchain technology, addingAnd the

“We hope that the VBA will use its resources for blockchain technology and science projects so that Vietnam can create premium products, become an active player in the global blockchain market and nurture industrial talent for the future.”

In this regard, a large number of Vietnamese institutions are currently in the process of researching and implementing blockchain across various sectors such as banking, industrial production, energy, agriculture, healthcare, retail, etc.

Thus, as the crypto/blockchain industry continues to grow rapidly, the Vietnam Blockchain Association (VBA) partnership with Binance aims to transform the country into a technical superpower by attracting investments from all over the world. Therefore, it will be interesting to see how the future starts from here to the end.

Huy Nguyen is the co-founder and CEO of KardiaChain.

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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens

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