Oman Embraces Blockchain Technology to Boost Digital Economy

Oman is exploring the potential of blockchain technology to enhance its digital economy amidst global changes. The country’s venture into blockchain aims to improve various sectors.

Partnership with nChain for Investment Opportunities

The CEO of ITHCA Group, Mr. Mandhari, revealed that his company is actively seeking investment opportunities in the blockchain industry. To make informed investments, they aim to establish relationships with industry leaders. Consequently, partnering with nChain was a natural choice given their similar investment strategies.

Benefits of Collaboration with nChain

Mandhari highlighted that the partnership with nChain will accelerate blockchain adoption in Oman. The collaboration will offer significant real-world benefits, particularly in research and development across key industries in the country. The mutually beneficial partnership enables nChain to test its blockchain solutions in Oman and other Middle Eastern markets.

Identified Blockchain Applications in Oman

Experts have identified potential blockchain applications in finance, supply chain, manufacturing, logistics, and telecommunications. These applications are anticipated to contribute billions to the Omani economy by the end of the decade.

Exploring the Applicability of Blockchain for Government and Enterprises

At an event organized by the Global CIO Institute Oxford, Mr. Mandhari emphasized the significance of networking and knowledge sharing. Attendees discussed various blockchain use cases beyond tokens and decentralized finance (DeFi), including the integration of blockchain with AI, data integrity, privacy, and traceability.

Omani Authorities’ Plan for Web3 Transition

Omani authorities are finalizing their plans to transition to Web3 through the introduction of a regulatory framework for digital assets. The Capital Market Authority of Oman (CMA) has initiated a public consultation to gather insights from service providers, academics, and users. The CMA is considering the establishment of a state-run digital asset exchange to prioritize investor protection.

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