Blockchain Technology's Status of Implementation in Oman: Empirical Study

Abstract

The amount of data is increasing very fast annually due to the rapid changes in modern technology. The data becomes very huge in each organization which led to the emergence of the new concept called Big Data. Big Data creates a valuable chance for companies to maximize their outcomes by analyzing this type of data. However, there is a concern regarding user privacy in the centralized systems as they have limited control over their personal stored information and how to use it. Added to that is the need for third-party availability which is considered another security issue. Recently, new accountable systems have emerged called Bitcoin. The world started using blockchain technology by deploying the first application namely bitcoin. It is a digital currency used for trading things over the web like money in the real world. Due to the success of Bitcoin, blockchain technology has gained trust from users as it is used in various fields and services, for example, monetary institutions, Internet of Things (IoT), supply chain, election, medicinal handling, and stockpiling. The main idea of the blockchain is to establish distributed agreement in the digital online world. It opens a great opportunity for the digital economy to be more scalable than the current centralized one. There are huge wonderful features and chances upcoming with this novel technology, and the uprising in this area has just commenced. Due to the importance of this technology, this paper aims to assess the current status of implementing blockchain technology in Oman. The statistical results clearly show the weak implementation of this technology in Oman's sectors.