Blockchain technology has the potential to transform the way international trade is conducted by enhancing transparency, efficiency, and security. Mr. Paven Do, CEO of Octan, is a pioneer in developing innovative blockchain solutions for businesses that want to succeed in the global market.
Recently, Paven Do shared his insights on the role of blockchain in international trade at the Blockchain Technology Seminar, organized by the Vietnamese Blockchain Association (VBA) as part of Vietnam EXPO 2023. At the seminar, industry experts discussed how blockchain can benefit various sectors of the economy. During the dialogue session “Industry 4.0 for the Import and Export Industry,” Mr. Paven Do discussed the advantages of blockchain technology in commercial banking alongside Mr. Quang Thong – Director of Nam A Bank’s e-banking.
How Blockchain can Improve Commercial Banking
In this session, Mr. Thong revealed that Nam A Bank has already applied various technologies such as AI, Cloud, and Big Data into their products, policies, and processes. He also mentioned that blockchain has already been applied to money transfers, records, trade finance, and L/C letters on blockchain platforms, allowing for faster and more transparent document storage. Blockchain can also potentially be used for loyalty programs and customer care.
Mr. Paven Do believes that blockchain can replace traditional communication protocols used by commercial banks, such as the SWIFT protocol. Russia and China have already established independent payment systems that do not rely on SWIFT. Mr. Paven stated, “The communication protocol of blockchain will be like SWIFT. Blockchain can become the way commercial banks communicate with each other, but unlike SWIFT, it has a distributed data storage basis.” However, he also acknowledges the need for regulatory frameworks, interoperability standards, and education to promote blockchain innovation and adoption.
How Octan is Leading The Way in Blockchain Innovation
As a leader in developing blockchain solutions for businesses, Octan is dedicated to driving innovations and advancements in the Web3 ecosystem. With a team of experienced developers and blockchain experts, Octan creates efficient, secure, and scalable blockchain solutions.
Octan’s flagship project, Octan Network, is a game-changing data analytics provider in the Web3 space. It leverages the power of mathematics and cutting-edge technologies to provide actionable insights for the crypto market. Octan Network helps businesses and investors make informed decisions and optimize their strategies in the dynamic and complex crypto environment. This project has won numerous awards in the Blockchain and Crypto industry for its usefulness and potential.
Octan is also committed to supporting the growth and development of the blockchain community in Vietnam and beyond. Octan regularly collaborates with other blockchain organizations and experts to host webinars and workshops to educate and empower aspiring blockchain developers and entrepreneurs.
Conclusion
Blockchain technology is not only a tool for improving business efficiency but also a catalyst for social change. It can empower people to have more control over their data, identity, and assets. It can also foster collaboration and trust among different stakeholders in the global community. We are proud to be at the forefront of this revolution, and we invite you to join us in shaping the future of the blockchain industry. Follow us on social media to stay updated.
