Bank Sohar has officially taken up the funding for the Blockchain Training Program at the intermediate level that is being organized by the Blockchain Club of Oman. The event, that is taking place at Dhofar University aims to facilitate the understanding and increase expertise of blockchain technologies and applications.
The event will see more than 100 students, executives in the private and public sectors as well as entrepreneurs in the blockchain industry attending. It is to run as from 6th August up to 9th August.
Bank Sohar’s CEO Ahmed Al Musalmi has said that this development is a sign of the fourth Industrial Revolution. He continues to say that it is important that we continue exploring the potential inherent in the blockchain as it is paramount to economies across varying scales.
Al Musalmi believes that banks play an important role when it come to driving the economy of a country forward and to attain sustainability. It is from this perspective that he asserts that a leading bank such as Sohar should then be in the forefront to spearhead such promising initiatives. This workshop he says will enable Sohar to create valuable networks and partner with key players within the blockchain and the local industries.
Blockchain applications will be vital in various departments within the banking and financial sectors. The key areas that these applications can be used effectively are in the areas of cost reductions, streamlining existing systems and in forming novel revenue streams. Experts note that even though this technology is relatively new in most sectors, it is the most viable and easily applicable in the banking and financial sectors.
Established firms such as the Vanguard Group and the Australian Securities Exchange have already made some investments in this field. They had earlier this year shown interest in the blockchain technology after carrying out successful pilot programs. Another notable institution, the Royal Bank of Canada is carrying out the project Jasper, to test the viability of blockchain in cross-boarder funds transfer.
Organizers of this event have lined up several expert speakers that will share their knowledge and experiences on the viability of this technology and its applications. They will also share thoughts on the future prospects of this technology.
There will be other blockchain related programs in Oman in addition to this workshop and some will be running concurrently with this particular one. This program comes in the wake of increasing numbers of blockchain related seminars in various universities and colleges across Oman. There had earlier been such an even in the Sultan Qaboos University, an indication that the country is taking this industry with the seriousness it deserves.