Bank Sohar is now officially going to be the sponsor for the Blockchain Training Programme at the Intermediate Level organized by the Oman Blockchain Club. The event is being held at Dhofar University, to continue till 9th August and it aims to increase understanding and expertise with regard to application of technologies such as blockchain. The workshop is being attended by more than 100 students, entrepreneurs as well as executives working in the public and private sectors.
The Bank’s CEO, Ahmed Al Musalmi remarked that this is akin to heralding the fourth Industrial Revolution and that is imperative to focus on exploring the potential of blockchain technology on economies across varying scales. He believes that the banks of the country are crucial to its efforts to develop the economy and attain sustainability; and therefore it’s only natural that a leading bank such as Sohar would come forward to contribute in such an initiative which he described as being “cutting edge”. According to him, the workshop allows Sohar to enhance its networking abilities and liaison with key players in the local industry.
This Training Programme has several expert speakers lined up to share their thoughts about how they see the blockchain-related industry developing in the coming days.
The primary areas where blockchain can be applied in banking and financial sectors are cost reductions, forming novel revenue streams and streamlining existing systems. Although blockchain has remained nascent in most other sectors, it is the most easily and viably applicable in finance and banking. Noteworthy investors in the field include names such as the Vanguard Group and the Australian Securities Exchange. Both had stated that they wished to implement blockchain this year after having had successful pilots. Similarly, the Royal Bank of Canada is conducting the Project Jasper to run trials of cross-border fund transfers over blockchain. Oman Blockchain Club’s workshop is not the only blockchain-related event in the country and comes after increasing numbers of seminars held in colleges and universities such as the Sultan Qaboos University.
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