May 30, 2018
BankDhofar to join hands with...
BankDhofar has announced that it is to join Ripple’s global enterprise blockchain ...
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Blockchain is a revolutionary new technology that enables users to exchange any asset of value online, peer to peer, without the need of intermediaries. Its first ever applications was for the transfer of value online by means of a cryptocurrency called Bitcoin. However, blockchain's uses extend beyond currency and has begun transforming the way many businesses, industries and organizations function, much like how the internet transformed the news and information industry.
At its core, blockchain is a transparent, secure and immutable electronic ledger (i.e. time stamped records of events, transactions and data) that are cryptographically hashed, authenticated and maintained through a distributed or shared network of participants using a group agreement protocol.
Blockchain's primary benefit is its ability to enable shared records securely over the internet, which in turn significantly improves operational costs for many industries. Furthermore, blockchain significantly improves efficiency by reducing time and errors in logging events, processing transactions while also enabling automation of events utilizing smart contracts.
Blockchain technology is already challenging the current legacy financial industries worldwide by providing faster and cheaper ways for people to transact directly. Other industries that can significantly benefit from Blockchain solutions include insurance, health care, charity, real estate, crowd/venture capital funding, government services, retail, oil & gas, energy management, supply chain management, data management , system/device management and so many more.
BSS was inaugurated on November 2017 during the Oman Blockchain Symposium. Our objective is to enable innovation and optimization of services utilizing the best distributed ledger platforms and platform development services from Oman and around the globe in an informed, safe and secure manner.