High-profile forum to spotlight blockchain potential in Oman

(4/16/2018 7:24:00 AM)

Seeking to build on the momentum created in the wake of the maiden forum on blockchain technology hosted by the Omani government last November, top government officials along with financial professionals and technology innovators will gather together early next month to explore concrete pathways for harnessing the potential of this game-changing technology to drive stronger economic growth in the Sultanate.

Blockchain Oman 2018 will open under the auspices of Tahir bin Salim al Amri, Executive President, Central Bank of Oman, on May 2, 2018, at Sheraton Oman Hotel. The two-day event has been organised by Muscat-based Business Process Outsourcing Services LLC (BPOS), a provider of services and solutions to local banks, as well as government and commercial establishments, in partnership with India-based Nispana Innovative Platforms. Deliberations during the forum will aim to address and identify the potential of blockchain application in the Sultanate, according to the organisers. “The conference is intended to provide a platform to the technology innovators and business administrators to collaborate on utilizing the product, process and technologies through digital transformation,” they added in a statement.

The Omani government has affirmed its robust interest and intention in embracing blockchain — a revolutionary technology that supports a radically better, safer and efficient financial system — in the Sultanate. Blockchain has the potential to accelerate the nation’s transition to a knowledge-based economy, which is a key objective of the government’s economic diversification drive.

Experts describe blockchain as is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. “Oman has seen significant developments with respect to blockchain technology and its integration. However, to fully exploit its potential, the industry has to position itself at the earliest. Continued organic growth will not be enough to transform the region into a leading digital economy.

Unlocking the full potential of blockchain for key sector will require comprehensive, concrete, collaborative action—and it must begin immediately,” according to the organisers of Blockchain Oman 2018.

Prominent government officials as well as industry experts will address the forum during May 2-3, 2018. The line-up of presenters from Oman include: Abdullah Salim al Salmi, Executive President —Capital Market Authority; Dr Salim bin Sultan al Ruzaiqi, CEO — Information Technology Authority; Dr Khalid MW Tahhan, CEO — Blockchain Solutions & Services LLC; Dr Fabio Scacciavillani, Chief Strategy Officer — Oman Investment Fund; and Syed Faraz Ahmed, GM — Oman United Exchange.

Underscoring the significance of the event to Oman’s strategic growth objectives, Blockchain Oman 2018 is supported by, among others, the State General Reserve Fund (SGRF), Information Technology Authority (ITA), Sultan Qaboos University (SQU) and The Blockchain Club. Various local and international experts will also seek to address the key issues of blockchain implementation and challenges and the future of this technology.

Oman Daily Observer