‘Cracking the Blockchain Code’ Workshop
Workshop on ‘Cracking the Blockchain Code’ in Karachi
Blockchain, being a primarily new concept being introduced in Pakistan’s market, is set to revamp the payments landscape in the country. After increasing global recognition, blockchain has attracted several significant stakeholders in Pakistan as well. Planet N and Karandaaz Pakistan have taken the lead in disseminating knowledge regarding Blockchain in the local market. Other participants of the workshop included members of Nadra, Punjab IT board, P@sha, HBL, TPS, EvantageSoft, Well.pk, UrduBit as well as leading experts in Fintech.
Blockchain in the simplest words, is a network of databases spread across multiple entities that are kept in sync where there is no single owner or controller of the data. In a broader sense, blockchain is seen as the main technological innovation of Bitcoin. It is a public ledger of all Bitcoin transactions that have ever been executed and is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. Blockchain therefore provides various benefits including transparency, efficiency, lower costs and reliability amongst others, to governments, financial services organisations, investors and entrepreneurs. In addition to these benefits, Blockchain is also a substantial force in fostering financial inclusion for citizens in poverty.
Speaking about the intention behind this workshop, Mr. Ali Sarfraz Hussain, CEO Karandaaz Pakistan, stated,
Blockchain is being widely adopted globally for advancing financial inclusion. In this regard, Karandaaz Pakistan, having the core objective of Financial Inclusion, is in active pursuance of promoting this technology in the country. We hope that that this will help understand regulatory challenges and the potential of this technology in increasing financial inclusion within the formal financial system.
Mr. Nadeem Hussain, coach at Planet N opened the session on Saturday, focusing on how blockchain can affect every aspect of our lives. He added that it is imperative we take stock of the talent available, identify a few problems we wish to address and create a road map for bringing blockchain to Pakistan.
Mr. Faisal Khan, a leader in the payments eco-system of Pakistan and abroad, conducted a session explaining the technology in detail. A simulation was also provided by participants from UrduBit where-after breakout sessions on Payments, Identity and Land title registry took place.
The session was closed with Mr. Nadeem Hussain appreciating the active participation in the workshop with hope for swift adoption of blockchain technology in the country.
Planet N is the product of Nadeem Hussain’s vision for financial and economic inclusion of Pakistan’s population into the 21st century through technology. Planet N provides a platform for prime growth to start-ups through collaboration and shared services.
KARANDAAZ PAKISTAN, a company (registered under Section 42) established in August 2014, promotes access to finance for small businesses through a commercially directed investment platform, and financial inclusion for individuals by employing technology enabled digital solutions.
The Company has financial and institutional support from leading international development finance institutions; principally the United Kingdom Department for International Development (UKAid) and the Bill & Melinda Gates Foundation. The Consultative Group to Assist the Poor (CGAP), a member of the World Bank Group, has managed the start-up phase of the Company and will continue to provide technical support.
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