Qatar University Establishes Firm to Promote its Blockchain Platform for Cost-Efficient Transactions
Qatar University (QU) has launched Genesis Technologies, its initial faculty-guided Blockchain Fintech firm. Genesis Technologies was co-founded by Dr. Mazen El Masri and Dr. Karim Al-Yafi, professors and researchers of Management Information Systems (MIS) at QU’s College of Business and Economics. They have created a Blockchain powered solution that will facilitate significantly less expensive, energy-saving, and safe decentralized trades in the digital world.
The Genesis offshoot is a direct outcome of QU’s University Innovation & Entrepreneurship Strategy, a significant project designed to establish the University as a motivator for Qatar’s sustainable socioeconomic growth. In accordance with Qatar National Vision 2030, the plan also promotes national initiatives for economic transformation and shift to an innovation- and knowledge-driven economy.
QU President Dr. Hassan Al-Derham stated, “Qatar University, a pillar of knowledge development and innovation, has in recent times, along with its innovation & entrepreneurship strategy implementation goals, initiated Qatar University Holding Company (QU Holding) as a business framework for promoting the spinoffs of QU faculty and research scientists startups, as well as for other information and innovation commercialization reasons. It intends to make economic growth the third foundation of our purpose, joining education and research.”
The recently established Office of Strategic Innovation, Entrepreneurship, and Economic Development (SIEED) at Qatar University has debuted numerous training, mentoring, incubation, and assistance programs that have lured a considerable number of academic staff, scientists, and trainees, the very first of which is Genesis.
Dr. Mazen El Masry, CEO and co-founder of Genesis, describes, “Blockchain technology is gaining importance in the digital realm, particularly as we transition at a swift pace into Web 3.0 and the metaverse. Nevertheless, the current implementations of blockchain technology have major downsides, including a high energy power and expensive trades. Our innovative technology, based on the idea of “proof of useful work,” overwhelms these obstacles and establishes fresh opportunities for our clients and collaborators.
He further stated, “We are also appreciative to the latest QU Holding proposals and its sponsoring team for assisting us throughout the incubation and enrollment procedures of Genesis, in addition to their ongoing strategic dedication as Board members.”
Dr. Mahmoud Abdulwahed, Secretary of Affairs of QU Holding Company Board of Directors, and Director of QU SIEED Office, stated, “We are pleased to witness Genesis Technologies LLC, established in Qatar Financial Center (QFC), rise up as the first of several promising startups that will originate regularly as a consequence of QU Economic Development’s innovative key initiatives.”
As an active member of Genesis’ board of directors, Qatar University will continue to assist Genesis. Qatar Communications Regulatory Authority released a national consultation article called “National Blockchain Blueprint for Qatar” in August 2022.