Benefits of Blockchain highlighted

MUSCAT: The third Blockchain Club Gathering, organised by the Blockchain Club Oman and the SQU Blockchain Group functioning under the Communication and Information Research Centre at Sultan Qaboos University, was marked by the a big turnout of stakeholders including representatives from the government bodies, investors, future entrepreneurs and the ITA, the regulator of this technology in Oman.

The gathering was held at the university on May 7 in the presence of HH Sayyid Taimur bin Asaad al Said, Honorary President of the Blockchain Club Oman, Dr Ali bin Saud al Bimani, Vice-chancellor of Sultan Qaboos University, dignitaries including members of the Royal family.

The gathering comes as part of the Club’s efforts to promote its activities among higher educational institutions in Oman.

Abdul Salam bin Mohammed al Morshedi, Chairman of the Board of Trustees of the Blockchain Club, gave a brief introduction about the Club’s activities in Oman.

The Club was established during the Blockchain Oman Symposium held in November 2017 with the aim of injecting momentum and awareness among the Omani society about Blockchain as a step for continues future digital transformation.

Al Morshedi gave an overview of the economic impacts resulting from novel technologies including the Blockchain technology and how to make the best use of such platforms for transformation of the economy of the nation. He elaborated on initial coin offerings (ICO), a type of crowdfunding tool conducted entirely on the Blockchain that would help to establish successful student and entrepreneurial start-ups in Oman.

Blockchain is a digitised, decentralised, public ledger of all financial and non-financial transactions such as supply-chain and smart-contracting.

It allows market participants to keep track of digital currency transactions without central record keeping and it appears in a variety of commercial applications as well. Currently, the technology is primarily used to verify transactions.

HH Sayyid Azzan bin Qais al Said in his keynote address presented an overview of the start-up Kenda Software and the lessons he learned in developing the venture.

“As an early adaptor of Blockchain technology, Kenda Software has a deep background and insights to share with its associate clients. More than two years ago, Kenda Software developed its first Ethereum powered mobile application, first geo-caching platform in cryptocurrency realm,” he said. Aside from mobile applications and Blockchain, Kenda Software has diversified its portfolio into Virtual Reality/augmented Reality gaming, 3D printing and cryptocurrency mining.