Pakistan hosts first-ever Blockchain Summit featuring leading global experts

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ISLAMABAD – The Ministry of Science and Technology has hosted Pakistan’s first Blockchain Summit in the federal capital and it was attended by international experts.

The event was powered by BSV Blockchain, a regulation-friendly global distributed utility data management blockchain for enterprises, governments & public sectors, and Ejad Labs, the collaborative innovation lab for South Asian entrepreneurs.

Minister for Science Shibli Faraz and various speakers expressed their view on the occasion, appreciating the summit held on Tuesday.

Addressing the event, Shibli Faraz said that the government intends to regularize cryptocurrency in the country.

He said the State Bank of Pakistan, Securities and Exchange Commission and Finance Division are already working on the plan.

The Minister said blockchain will become a 20-billion market by 2024 and about 200 countries have somehow incorporated it into their systems.

He said people are turning to cryptocurrency without proper planning, therefore, government’s control is essential for prevention from loss and ensuring transparency in it.

Shibli Faraz said banks can save eight to ten billion rupees annually by using blockchain.

He said the Ministry of Science and Technology is also launching blockchain technology pilot projects in its three universities.

Earlier, President Dr. Arif Alvi had a meeting with an international delegation of blockchain experts, led by the Founding President of BSV Blockchain Association, James Nguyen.

The President called for developing and training the human resource of the country in the field of emerging technologies, such as Blockchain Technology, Artificial Intelligence, Cyber Security and Big Data, to meet the requirements of the 4th Industrial Revolution.

He underlined the need for creating awareness about the importance and utility of Blockchain technology so that the public and private sectors could benefit from it.

Talking to the delegation, the President said that Blockchain technology could become a powerful tool for tracking transactions, reducing corruption and increasing transparency in public & private sectors.

He stated that a systemic & inclusive approach was needed to fully benefit from transformative potential of Blockchain technology as well as its implementation in Pakistan.

The President appreciated the services of Pakistan’s technology talent that had made its mark by providing the technical backbone to some of the world’s largest companies.

He highlighted the fact that during the past year, Pakistani start-ups had been able to attract valuable international investments in the IT sector.

Mr. James Nguyen briefed the meeting about the potential and uses of Blockchain technology in diverse sectors of the economy such as Banking, Fin-tech, Digital Advertising, Health care, Big Data, Environment and Governance.

He also informed the meeting regarding certain initiatives taken by BSV Blockchain in Pakistan.

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