Recently, a workshop was organized by Planet N and Karandaaz Pakistan. It was named “Cracking the Blockchain Code” as the workshop was aimed at spreading awareness about Blockchain in the market.
Blockchain is a new concept altogether which is aimed at revolutionizing the payment system in the country. It is a new concept which is right now, not recognized everywhere. Soon, this concept will be introduced in Pakistan’s market as it will provide various advantages to government and other financial organizations which will include transparency, efficiency, reliability and most importantly, lower cost as compared to others. Blockchain is also aiming to provide financial plans and inclusions for people drowning in poverty.
It is a widely recognized network and now it has attracted the interests of several stakeholders in Pakistan as well. Other than Planet N and Karandaaz Pakistan, there are also a number of other participants of the workshop aimed at spreading the word. These include NADRA, P@SHA, TPS, EvantageSoft, Well.pk, Punjab IT Board, HBL, and Urdubit along with some leading experts in Fintech.
What is Blockchain?
When we talk about Blockchain, a question arises in our mind that what is it actually? Well, Blockchain is a network of databases extended over multiple entities that are continuously synchronized while there is no single controller of the data. Everyone can access the database and change it according to their needs within their access privileges. In other words, it is the main technological revolution of Bitcoin. It is a public ledger of all the transactions ever made through Bitcoin and is continuously growing as completed blocks are added to the ledger with a new set of recordings.
Blockchain is also being used globally for providing financial inclusion. In this case, Karandaaz Pakistan is working tirelessly in order to promote this technology in Pakistan as their main objective is to provide financial Inclusion. The CEO of Karandaaz Pakistan, Mr. Ali Sarfraz Hussain said that it will help understand administrative challenges and the actual potential of this technology. In addition, it will also greatly help in amassing financial inclusion in the financial system of the country.
The coach at Planet N, Mr. Nadeem Hussain initiated a session which was directed at taking certain important steps in order to revolutionize the financial system by using the available talent, identifying the problems in the system and create a strategy which will facilitate in bringing Blockchain to Pakistan.
An educative session was conducted by Faisal Khan, a leader in the payment system of Pakistan and other countries. The session focused on explaining the technology in detail provided with simulation by colleagues from Urdubit. Moreover, other sessions were conducted after that which comprised of payments, identity and land title.