Located in Indochina, Laos has selected blockchain technology as its vehicle for an unprecedented digital transformation. The inaugural ministerial transformation conference in Vientiane, chaired by Prime Minister Sonexay Siphandone, was dominated by one topic: Blockchain 4.0.
Laos sets its sights on Blockchain 4.0
“Blockchain 4.0 is revolutionizing Laos. It's driving financial inclusion, fostering transparency, and enhancing security in transactions. Smart contracts and decentralized finance are opening new avenues for growth. Truly, a game-changer for the nation's economy," enthuses Singapore's software development company, MetaBank.
MetaBank: A strategic partner to the Laos Ministry of Technology Source: Twitter
Prime Minister Siphandone regards the implementation of Blockchain 4.0 as a revolutionary step for the nation's economy. To the people of Laos, Blockchain 4.0 signifies the forthcoming blockchain generation that is yet to be fully developed.
Here's how the evolution has been so far:
Blockchain 1.0 — rooted in cryptocurrencies;
Blockchain 2.0 — built around smart contracts;
Blockchain 3.0 — constructed on the foundation of decentralized applications;
Blockchain 4.0 — an exceptional entity composed of Web3, the Metaverse, AI, and the 4th Industrial Revolution (signifying the pervasive spread of technology across all economic sectors). It represents a universally accessible technology, catering to the needs of both the private and public sectors, as well as individual citizens.
In the technology race, securing an early lead is pivotal
Leveraging Blockchain 4.0, Laos is staking a claim as both an instigator and beneficiary within the burgeoning global digital terrain. MetaBank, in alliance with the Ministry of Technology, is engaged in constructing a blockchain research and development hub to foster the innovative aspirations of the Laotian populace. Clearly, the technology is being endorsed from the highest rungs of governance, with everyone desirous of capitalizing on the first-mover advantage.
How will Blockchain 4.0 aid Laos?
Several milestones for the evolution of Laos's digital economy were proposed during the conference, including:
- utilizing digital technologies to amplify fiscal revenues;
- increasing foreign reserves;
- curbing inflation;
- fostering sustainable economic growth;
- enhancing living standards;
- bolstering the country's competitiveness on the international stage.
In addition, and unlike their American counterparts, Laotians are already organizing a committee entrusted with crafting and upholding national blockchain regulations. Prime Minister Siphandone seeks to embed blockchain within governmental processes and harness the technology for administrative governance and the provision of public services. Additionally, the nation has rolled out its ninth five-year blueprint for national, economic, and social growth. The government is optimistic that Blockchain 4.0 will be key in its fruition.
