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Vietnam: Blockchain in Agriculture

Farmer using buffalo plowing rice field

At a recent blockchain conference in Vietnam on July 5, experts discussed how blockchain technology can be used to store agricultural data.

The event, which was held in Can Tho City, was hosted by the Vietnam Chamber of Commerce and Industry (VCCI) and the Lina Network Joint Stock Company.

Speakers discussed how blockchain can be used to keep track of food quality and origin in a transparent and trustful manner. Farmers and businesses in the country have long been suffering from a lack of infrastructure to maintain a reliable distribution chain.

Nguyen Phuong Lam, deputy director of VCCI, says the Mekong Delta is Vietnam’s largest producer of agricultural products but export growth has stagnated due to lack of technology. The reliance on raw products requires the adoption of new techniques and methods in order to meet consumer needs.

Better Quality and Value for Customers

The rise of blockchain integration amongst agricultural industries in many other countries caught the attention of Lina Network chairman Vu Truong Ca. He noticed how the technology can help instil trust in customers about product origin and quality due to its high resilience to tampering.

An employee of the Agricultural Hi-Tech Park in Ho Chi Minh City believes blockchain is crucial to solving trust issues that exist between customers and suppliers. He foresees a solution providing many benefits, including increased competitiveness which will inevitably lead to higher brand value. Other than trust issues, blockchain technology can store additional details about food processing that would greatly assist in quality assessment.

Vietnam is on it’s way to becoming the next big blockchain success story in South East Asia with adoption sweeping the nation. In March this year, it hosted its first ever Blockchain Week, showcasing talks, panels and discussion from over 1500 industry professionals from around the world. With almost 7% annual growth, it’s economy is one of the fastest growing in the world.

Image From Shutterstock

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