Standardising Vietnam's blockchain market data

October 20, 2022 | 17:02

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The Vietnam Blockchain Association (VBA) signed a strategic cooperation agreement to promote extensive research with Chainalysis, a New York-based blockchain analytics company, at the opening ceremony of the Vietnam Blockchain Summit, held for the first time on October 19.

Phan Duc Trung, permanent vice president of the VBA shared, “The association has compiled a number of blockchain presentations and newsletters for member businesses and government agencies, but with quality data sources from Chainalysis, we hope to be able to improve and give better judgments to businesses and investors in Vietnam.”

Representatives of Vietnam Blockchain Association and Chainalysis signed a cooperation agreement

Representatives of the VBA and Chainalysis signed the agreement

Benard Lim, Chainalysis Asia-Pacific director said, “Chainalysis wants to be able to bring analytical data about blockchain to Vietnam to build a transparent and trusted ecosystem here. And connecting with VBA will be the first step for us to achieve this goal.”

Stemming from the need to trace and strengthen the transparency of data on the blockchain, analysis tools and methods were born. This is understood as the process of checking, defining, and modelling data on the blockchain.

The goal of the blockchain analysis process is to discover information about the actors involved in the cryptocurrency trading process, thereby making appropriate reports and statements about the market.

Bernard Lim speaks about the cooperation with VBA at the event

Bernard Lim spoke about the cooperation with VBA at the event

Chainalysis is committed to providing reports and comments on the Asian blockchain market, so that VBA can build on these to increase the ability for member enterprises to replicate activities and connect with businesses in the international market.

VBA will also act as an intermediary between Vietnamese enterprises and Chainalysis. Through this cooperation, VBA will provide information about the Vietnamese market to Chainalysis to help foreign investors through Chainalysis's reports to have a better overview of the potential and opportunities of blockchain market in Vietnam.

Chainalysis is a company providing blockchain data, analysis, and research services to government agencies, exchanges, financial institutions, insurance, and cybersecurity companies in more than 70 countries.

Chainalysis' data has supported the investigation of several criminal cases, prevented money laundering and terrorist financing activities, and made it possible for users around the world to gain access to cryptocurrencies and financial markets safely. One of Chainalysis' missions is to use tools to help establish regulation in the cryptocurrency market and to develop standard audit methods.