The 2018 ASEAN Global Blockchain Summit hosted by the Cambodia Blockchain Industry Development Association is ceremoniously launched in Phnom Penh, the capital of the Kingdom of Cambodia. Men Sam An, the deputy Prime Minister of the Kingdom of Cambodia attends the Summit and cut the ribbon for the payment project Entapay based on blockchain technology. This move makes the Entapay project the first official blockchain project promoted by the Cambodian government.
Given that there is still many uncertainties in global economy and both developed and developing countries are facing economic challenges, Cambodia, a small ASEAN power has become one of the fastest-growing economies in Asia from the list of the poorest countries in the world. This Summit also demonstrates the resolution of Cambodia to flourish its economy through the blockchain and become the backbone of the Asian blockchains.
The Cambodia Blockchain Industry Development Association is also launched at this Summit. It aims to create the first world-class “international digital special economic zone” and build an excellent blockchain platform for the establishment and development of blockchain enterprises. At the same time, by building up the international blockchain technology and applying the cooperation exchange platform, the Association intends to lead ASEAN countries to take an proactive part in the new round of financial science competition and help to facilitate the development of intellectual economy worldwide.
With the support from China, Cambodia and relevant associations from ASEAN and other countries and regions, the Cambodia Blockchain Industry Development Association will be the single hub for the Cambodian government to gain access to the blockchain. Meanwhile, Entapay — the long-awaited blockchain project is launched as scheduled, and it will promote payment efficiency for users and reduce peripheral costs by the payment instrument of digital currency.
It is aware that Entapay will become the junction of the aggregated payment of cryptocurrency and the real world or the new generation mainstream payment instrument that can replace Visa. In supporting types of blockchain assets, the Entapay project provides a safe, convenient and decentralized one-stop management solution which enables safer, faster and more convenient services for users and greatly enriches the application of blockchain. Moreover, it gives strong support for more new projects as well with the aim to promote the management and circulation of their blockchain assets and contribute to the improvement of ecological efficiency and market prosperity.
There is an increasing number of people focusing on the immense influence of blockchain technology, such technology and the digital economy are expanding to the world. Both developed and developing countries are seeking new market opportunities in the blockchain development and taking a leading role in the practices of blockchain application, which will promote the establishment and application of blockchain technology in the whole world.
Cambodia, a developing country in Southeast Asia is called “New Tiger of Asian Economy” by the Asian Development Bank (ADB). It may realize a rise in all-round way in virtue of the development of blockchain. After all, China has greatly developed its economy with the help of the reform and opening up policy just for two decades, which is not so far away from now. Besides, we are probably to witness another miracle of economic development in a developing country.