Muscat: Potential changes in global business, finance economy and the direct effects on services and public management sectors due to the wide use of technology-based applications during the coming five-years were discussed at a symposium on Monday.
The four-day Block Chain Symposium on the application of a digital system for managing data and services in a smart and safe way began at Sheraton Hotel yesterday.
Sultan bin Salim Al Habsi, Deputy Executive President of the Central Bank of Oman said that that symposium will highlight the Block Chain technology and develop a general framework to absorb its applications in the Omani financial and banking and public services sectors. The symposium will also come out with practical plans for the development of electronic platforms for the Block Chain technology in a number of selected public organisations.
On his part, Abdul Salam bin Mohammed Al Murshidi, CEO of the State General Reserve Fund (SGRF) said in a speech that specialists are studying the Block Chain technology and that Omani officials and businessmen are looking forward to develop the work system to keep pace with modern systems that focus on smooth running , accuracy , safety and flexibility of work.
He added that the use Block Chain technology applications is not limited to the financial sector but also used in the management of ports and hospitals. He added that a work team will be formed to identify the technology applications that can be implemented in the Sultanate. The Block Chain Technology ‘is a transparent platform that eliminates limitations before implementing public or private work, he further said.
Work is underway to establish a company. The executive management of the company has been selected. The company will provide assistance to ambitious Omanis seeking to use ‘Block Chain’ technology but lack financial or technical resources, he concluded.
The symposium is organised by the Foreign Ministry, the Central Bank of Oman, the SGRF, the Capital Market Authority , the Ministry of Information, and other relevant organisations to explore the possibility of implementing the technology in financial , banking and public services sector and the potential benefits and challenges from the transfer of this technology.
The first included a presentation on the technology, in addition to speeches on the importance and role of this technology in the management of data and businesses. It also included a panel discussion on the future of the technology and its contribution to the developing of the banking, financial, public services, supply chain , innovation, entrepreneurship and venture capital. The symposium was attended by a number of senior state and private officials, businessmen and professionals in management, economy, services and business sectors.