December 25, 2018
HCMC, 12 Dec 2018 – People’s Committee of Hau Giang province cooperates with Vietnam Cooperative Alliance, Institute of Organic Agriculture Economics and Journal of Managers organized the Green Economy Forum 2018 with topic “Hau Giang builds market-oriented agricultural commodity chains based on logistics”. The forum attracted more than 400 participants, including entrepreneurs, investors, scientists, domestic and foreign economists. Mr. Do Van Long, representative of Infinity Blockchain Labs, Participating in the forum to share about increasing value chain of agricultural products using blockchain technology.
Logistics is one of the fastest growing economic sectors in Vietnam with an annual growth rate of 16-20%. Vietnam ranked 64/160 on logistics development and ranked fourth in ASEAN after Singapore, Malaysia and Thailand, according to World Bank ratings. However, currently, traffic and transportation cost in Vietnam is at 25%, while in developed countries this figure is only 7-15%. Therefore, Vietnam’s transportation costs are almost double than other countries. The reason is due to limited logistics development, with underdeveloped infrastructure accompanied by overloaded transportation network. Underdeveloped logistics is one of the reasons for high costs of agricultural production, and it is difficult to compete. Therefore, agricultural value chain problem must always be tied and have an organic relationship with logistics development.
Being one of the provinces in the Mekong Delta, Hau Giang has the advantage of a network of rivers and canals. The provincial agriculture is at a potential level, have not been properly exploited as expected, but this is the breakthrough development advantage whether determined to take quick steps, accurate and in the right direction to catch up with trend of the world, Agricultural development in the value chain of agricultural products based on logistic.
Mr Do Van Long, Regional Chief Strategy Officer, Infinity Blockchain Labs, share about the application of blockchain technology to trace origin of agricultural products and logistic to improve the value chain of agricultural products, “Blockchain technology is one of the potential applications to solve the cost saving problem for logistics sector. One of the key aspects of logistic is commodity flow information management, this if done manually will take a lot of time, manpower, errors or even fake. Blockchain technology will help to manage the flow of information accurately, efficiently and securely, leading to the reduction of logistics service costs.. Each data recorded on the blockchain platform will be shortened and linked into chains, very transparent, immutability. Application of blockchain technology will help control the risks in the process of transport, reduce transportation costs, improve the value of agricultural products. I believe the application of Blockchain technology in logistics services is very potential. “
The Green Economy Forum 2018 gives a lot of speech, sharing and contribution to the agricultural development of Hau Giang Province., it promises a good future for cooperation, investment and business among enterprises and localities in the region, bringing benefits to Hau Giang agriculture in particular and the national agriculture in general.
Infinity Blockchain Labs (IBL) is a visionary R&D company committed to advancing society with next-generation solutions. We are currently the blockchain ecosystem leader in Vietnam with a global reach. Our mission is to be the R&D engine that transforms future technology into practical applications for business and everyday life. Named one of the top ten blockchain technology solution providers in 2018 by APAC CIO Outlook, our 200+ employees at IBL aspire to empower Vietnam to become the global leader in blockchain research and development.
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