Oman Blockchain Club organises symposium at SQU – Oman

Fibo Quantum

The second symposium was held at SQU in the presence of Dr Ali bin Saud al Bimani, SQU’s vice chancellor and other dignitaries.

Delivering the welcome remarks, Dr Hamad Salim al Rawahi, CEO of the Telecommunications Regulatory Authority (TRA), outlined the general policies and guidelines of TRA and its efforts towards integrating latest digital technologies and electronic services to promote communication, education, healthcare and business in the country.

Blockchain is an emerging technology that can transform businesses, industries and public organisations. Blockchain is a digital ledger technology that is cryptographically hashed, authenticated, and maintained through a distributed or a shared network of participants using a group agreement protocol.

Oman Blockchain Club members and the organisers of the Blockchain symposium articulated the view that Blockchain allows peer to peer exchange of money directly without the need for a traditional financial intermediary or a third party, with lower cost and high-speed transactions.

“Blockchain is a technology that transfers all kinds of information contents faster, traceable, and in secured ways, and portable and adaptable to different types of applications and technologies. Services, such as property transfers, the execution of contracts, authentication services, network and device management, records management and supply chain management, could transform supply chains and governmental functions, including central banking, all above can use and benefit from the Blockchain,” Rawahi said.

The organisers said that adoption of Blockchain technology in Oman could influence the country positively in several ways.