Islamabad, 20 January 2022 (TDI): Blockchain Summit, first ever in Pakistan, was hosted in Islamabad on Tuesday 18 January 2022. Ministry of Science and Technology under the leadership of Federal Minister for Science and Technology, Shibli Faraz had the honor of hosting the event.

This summit was powered by two main entities. One is BSV BlockChain, a Regulation-Friendly Global Distributed Utility Data Management Blockchain for Enterprises, Governments, and Public Sectors.

Another was Ejad Labs, which is a collaborative innovation lab for South Asian entrepreneurs. Apart from national experts and speakers, the summit also had global experts. All of them addressed the audience one by one. Each one of them expressed their views on technology.

Federal Minister for Science and Technology-Shibli Faraz’s Address

Talking on the occasion, the Minister for Science and Technology, Shibli Faraz said that the present government is working on cryptocurrency as well. He stated that various entities are already working on the plan. State Bank of Pakistan, Securities and Exchange Commission and Finance Division are among those entities.

Shedding light on the blockchain, he said that by 2024 it will become a 20 billion market. As far as advancement in other countries is concerned, so 200 countries have already adopted the technology, Shibli Faraz added. Moreover, when it came to savings in banks, it is said that by the usage of this technology up to 8 to 10 billion rupees can be saved.

The rate is a per annum rate. For the furtherance of the development, the Ministry for Science and Technology is also launching pilots projects. Shibli Faraz stated that for now the projects will be launched in three universities.

President of Pakistan’s Earlier Efforts

Doctor Arif Alvi, the President of Pakistan previously had a meeting with the blockchain experts delegation. That delegation of experts was led by the Founding President of BSV Blockchain Association, James Nguyen.

The President stressed the importance of developing and training human resources for this technology. For the same purposes of training, the Presidential Initiative for Artificial Intelligence and Computing exists in the country. The institute aims to train the masses for various new technologies.