Bank Sohar, a leading bank in Oman, has signed up as the official sponsor of the Blockchain Training Programme (Intermediate level) organized by Oman Blockchain Club.

Being held at Dhofar University from August 5o 9, the workshop aims to enhance the nation’s network of expertise in enterprise intelligence and promote greater understanding of the economic advantages expected through the implementation of such revolutionary technologies. The training programme is witnessing the participation of over 100 students and representatives from the public and private sectors as well as entrepreneurs.

Ahmed Al Musalmi, CEO of Bank Sohar, said: “Industrial revolutions throughout history have delivered prospects to the masses, thus as we embark upon the fourth Industrial Revolution it is essential that we invest in understanding the potential impact of technology on local and international economies. Oman’s banking industry is central to the sustainability and growth of the national economy, thus it is essential for us to maintain pace with cutting-edge developments prevalent in the world of finance.”

“The programme comprises a key opportunity for Bank Sohar to further expand its network and relationship with local leaders in technology as industries in Oman continue to explore the implementation and advantages of blockchain technology,” he added.

The Blockchain Training Program (Intermediate level) is featuring an array of prominent speakers who will share their vision for the future of blockchain-centered business in various local industries.

Some of the initial prospects for blockchain in the banking and financial sectors include streamlining systems, lowering costs, and developing new revenue streams.

Whilst most industries remain committed to research due to the lack of viable solutions using Blockchain technology, banking and financial services are considered the nearest to production-ready implementation, with notable investors worldwide including the Australian Securities Exchange and Vanguard Group. Both of which announced their intention to implement blockchain in 2018 following successful pilots, whilst other major players, such as the Royal Bank of Canada, are already trialling blockchain in cross-border fund transfers with Project Jasper.

Oman Blockchain Club’s Training Programme follows a growing number of conferences seen at institutes of education across the Sultanate, including the Higher College of Technology and Sultan Qaboos University.

The launch of newly established government-owned entity, Blockchain Solutions and Services Company, was recently announced by Dr Khalid MW Tahhan, which will serve as Oman’s leading organisation in rolling out the necessary infrastructure to promote the adoption and implementation of Blockchain technology. – TradeArabia News Service