Distributed Economy Storms Vietnam with BitCherry Empowering Traditional Retail Service Industry

Recently, the distributed economy, because of its new economic concepts, underlying advanced information technologies such as Blockchain, AI, cloud computing, big data etc., and a huge influence on the traditional economic transformation, is causing fevers and upsurges round after round.

On August 29th, 2019, the Vietnam Tech Summit 2019 Technology Summit, hosted by Business Review, one of Vietnam’s most famous and authoritative business magazines, was officially held in Ho Chi Minh City, Vietnam. Not only was BitCherry invited to the summit as one of the sponsors to the conference, but also Paul, its founder and CEO were invited to give a speech as a special guest, laying a solid foundation for the distributed economy implementation in Vietnam.

Promoting the Concept of Distributed Economy

As one of most important annual investment conferences of Business Review (Nhịp Cầu Đầu Tư), the summit brought together more than 300 elites from Vietnam’s top 50 companies, including technology leaders, economists, CEOs and entrepreneurs from various fields.

With the main theme of “ABCD Power”, the conference aim to share and discuss more about the usage of technologies such as AI, Blockchain, Cloud (Cloud Computing), Data (Big Data) to transform traditional business models, as well as on how to achieve the implementation level of a commercial application. This conference will bring a tremendous change toward Vietnam’s business system.

As the world’s first distributed e-commerce network, BitCherry took full advantage of the opportunities in this conference to bring new concepts and implementations methods of the distributed economy to Vietnam.

Prior to the meeting, the host business Review held a welcome dinner on the 28th where BitCherry founder and CEO, Paul, was invited by the organizers to attend. The invited guests in this dinner inclusive of founders of Vietnam’s top 50 companies, whereby a discussion on how to address the traditional business pain points on the Vietnamese market is held.

Through the dinner, Paul and elite representatives shared views on the orientation of Blockchain development and its implementation feasibility in Vietnam with consensus reached on a wide range of issues. During the meeting, BitCherry founder and CEO, Paul, made an in-depth discussion with guests on topics such as “How the distributed economy will subvert traditional business model” and “How BitCherry is practicing the distributed economy as an ecosystem.”

During the meeting, FBNC, a well-known financial and commercial news media in Vietnam, made a personal interview to Paul. In this interview, Paul elaborated the application value of distributed technology in the economy and focused on his opinions on the future development of distributed technology.

Paul mentioned that

“BitCherry will achieve fair P2P sharing and trading by building a transparent, trusted, non-tamperable distributed network platform. On this ecological platform, the community will play a big role whereby the enterprises and users in Vietnam can complete a value creation based on the credit consensus without any form needed which inclusive of goods for goods, labor for value, and digital assets for real value. This kind of public and decentralized ecology is the value network of the distributed economy. In the future, BitCherry will upgrade to Ecosystem as Finance by establishing a strong eco-community. And afterwards, it will make cross-industry subversions in banking, accounting (auditing), insurance, healthcare, municipal administration, transportation, taxation, food, agriculture, automotive and other areas. “

Promoting the Transformation of Vietnam’s Traditional Economic Model

In recent years, Vietnam’s economy has maintained a relatively high growth rate. Labor productivity across Vietnam grew by nearly 6% in 2017, and the growth model is shifting towards sustainable development, gradually reducing its dependency on natural resources, particularly crude oil, and moving towards industries with new economies as a pillar.

As of March 2019, 131 countries and regions, including South Korea, Japan, China, Singapore and the United States, had invested in emerging industries in Vietnam, with a registered capital of $346.5 billion, according to the Economic Daily, citing data from Vietnam’s Ministry of Planning and Investment. Under such conditions, the distributed economy is providing opportunities for further economic growth and corner overtaking in Vietnam.

Talking about how to empower Vietnam’s traditional business applications through a distributed economy, BitCherry founder and CEO Paul said,

“The distributed economy is a new economic system that evolved after the birth of Blockchain, and the difference between it and the traditional economic system is that the way value networks are built has changed. As a country with a demographic dividend of nearly 100 million people, Vietnam has been actively exploring the Blockchain field in recent years, both by nation and by enterprises, and this inclusive attitude towards market will greatly facilitate the transition from Vietnam’s traditional economic model to Blockchain. Vietnam’s Blockchain market is also being valued by more and more practitioners.

BitCherry, as an industry technology pioneer who has made an early strategic layout in Vietnamese market, will rely on its own Blockchain distributed technology to empower the traditional retail service industry, to improve Vietnam’s distributed economic system, to reconstruct the new economic ecology, to create a completed Vietnam distributed economic ecosystem, and to help and make more organizations and enterprises to create their own business ecology. I am looking forward to further discussions with Vietnamese developers on how to promote the development of distributed technology in Vietnam as well as the issues on building the ecosystem.”

As the number of users continues to grow and the strategic layout continues to evolve, the BitCherry team is planning to tap into new market potential and accelerate collaboration with strategic partners. Oriented to safeguarding the interests of companies and users in the ecosystem, to be more responsible towards the investors.

At the same time, BitCherry’s technical team will continue to develop chain-net technology to accelerate the landing of the eco-community economic model and to build a transparent, trusted and non-tamperable distributed network value platform. BitCherry has the motivation and also abilities to combine distributed e-commerce with the actual needs of Vietnamese companies to empower Vietnam’s traditional business scenarios.