The Lao government is promoting digital transformation with blockchain technology

by Arthur · May 29, 2023

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Singapore –News Direct– MetaBank

The Lao government and blockchain experts held the First Ministerial Conference on Blockchain 4.0 Digital Transformation on May 26, 2023 at the National Convention Center in Vientiane, the capital of Laos. The conference, chaired by Lao Prime Minister Sonexay Siphandone, was attended by leaders from the most important economic departments. The meeting primarily discussed how to promote the digital transformation of Laos using digital technology, presenting for the first time the theory of Blockchain 4.0 to the world, advocating open cooperation and global co-construction, and strengthening Laos’ potential to be one that builds and benefits from the global digital world order through national digital operations.

Prime Minister Sonexay Siphandone stated that in order to achieve the Ninth Five-Year Plan for National Economic and Social Development, Laos must vigorously develop and use blockchain technology to digitize various government tasks and use it extensively for administrative management and public services.

The Lao Minister of Technology, Boveingkham Vongdara, said that Laos faces opportunities and challenges brought about by Industry 4.0 and must use blockchain technology to transform production and service methods. To promote the digital transformation of Laos, the Ministry of Technology has signed a cooperation agreement with Singapore’s MetaBank, and plans to establish a blockchain technology research and development center and develop talents.

The conference set goals for Laos’ digital economy development, including the use of digital technology to create new tax revenues, increase foreign exchange reserves, reduce inflation, achieve sustainable economic growth, improve living standards and improve international competitiveness in the short term. The meeting also proposed the establishment of a Blockchain Technology Transformation Committee, responsible for legal compliance and legislation related to the digital economy.

Experts attending the meeting stated that blockchain technology can help developing countries achieve “leap development”. Building a digital nation is divided into four stages: deploying digital infrastructure, deploying cyber security infrastructure, supporting the digitization of various industries and building a “digital brain”. Developing countries should focus on open collaboration, use borderless blockchain technology to attract talent and create “net users”.

Sharing his perspective, Professor Bill Roscoe argued that blockchain technology acts as the driving force driving us towards a digital civilization. How can ordinary people accept or understand the digital world? It must be promoted through the introduction of products and services. In particular, a controllable platform is needed to ensure that citizens, businesses and authorities comply with laws and regulations. Blockchain can establish a highly efficient platform and achieve the best balance and integration between different applications and jurisdictions through the integration of new languages and technologies. “Digital civilization is the inevitable path of future development of society, and blockchain will become the ‘cornerstone’ of building digital civilization.”

MetaBank’s founder and chairman, Frank Sui, believes that blockchain technology can help developing countries “take over in one fell swoop”. MetaBank’s mission is to serve as the leading solution partner for developing countries using blockchain technology, accelerate the transformation of developing countries towards digital civilization, improve the GDP and living standards of developing countries, and build a digital civilization on the three main pillars of digital finance. infrastructure, digital asset tokenization platform and the digital society.

Blockchain expert Zhu Jiawei believes that the construction of a digital nation has entered the fourth phase. Developing countries should focus on open cooperation, use universal borderless technology, attract technical talent and create “net users”. When Zhu Jiawei attended the Blockchain 4.0 Conference, he discussed the construction road of a digital nation, which is divided into four levels: (1) deployment of digital science and technology infrastructure, (2) deployment of physical and cyber security facilities to ensure the development of digital economy, (3) support the digitization of various industries to keep up with the pace of the times, (4) build a digital brain through artificial intelligence technology to realize intelligent governance from cities to the national level.

D11 Lab co-founder Lily Zhang believes the world is in the midst of the fourth open revolution, with openness, co-construction, sharing, prosperity and new order as keywords. Laos can use blockchain technology to gain a development advantage and achieve leapfrog development. Laos should become the first country in the world to fully transform digitally, redefine its role in the global order, achieve order-setting benefits and help improve the lives of the Lao people.

The Lao government is determined to transform through blockchain technology, demonstrating the importance of the digital economy. This conference reflects the foresight and determination of the Lao government in the development of the digital economy. The government will play a central leadership role, establishing a national committee for digital transformation and promoting and overseeing the implementation of related policies. Laos welcomes all sectors to participate in the development of the digital economy. In the future, Laos will become a model for blockchain technology application, leading the development of the new digital society.