Qatar University (QU) has announced the launch of a start-up in the financial technology sector dubbed 'Genesis Technologies LLC' under the leadership of faculty members in the first-of-its-kind step for QU that seeks to stimulate innovations in the field of technology. In a statement, QU clarified that the start-up is a direct result of its strategy for innovation and entrepreneurship that intend to make QU a stimulus for sustainable social and economic development in Qatar in support of the national efforts dedicated to diversifying the economy and transition to the achievement of a knowledge-based economy in conformity with Qatar national vision 2030.
On this occasion, HE President of QU Dr Hassan Rashid al-Derham said that QU, as the largest higher education's institutions in Qatar and the foundation of knowledge and innovation in Qatar, has launched Qatar University Holding Company within the framework of implementing its strategy for innovation and entrepreneurship to support the establishment of start-ups by the faculty members and researchers, noting that the goals of this company entail the commercial marketing for knowledge and innovations in the university with the objective of making the economic development as third pillar for QU's mission. This is in addition to the two core pillars that target education and scientific research, pointing out that QU's strategic innovation, entrepreneurship, and economic development office (SIEED) was launched after the holding company had launched numerous training, supervision, incubation and supporting programs that had attracted a plethora of faculty members, including researchers and students, stressing that Genesis Technologies LLC is one of the first fruit of these efforts.
In addition, the faculty members Dr Mazen El Masri and Dr Karim El Yafi, who are specialised in information management systems in the college of business and economics at QU partnered to establish Genesis Technologies LLC, especially that a professional team had established the Blockchain, which promised to largely enable more cost-effective and energy-efficient decentralised and secure transactions in the digital economy.
Blockchain remained increasingly vital in the digital age in a time we swiftly moving to the third generation of Web3 and Metaverse, said Mazen El Masri, PhD, Cofounder and CEO of Genesis Technologies LLC, pointing out that the current demonstrations of blockchain suffer from significant flaws, such as high consumption of energy coupled with the costly transactions. However, based on the findings of our research projects, we have the signs of technology that overcome these challenges and create new opportunities for our clients and partners, he added, commending the efforts of QU's new holding company and its supporting team for assisting the start-up through the incubation and registration process, in addition to their constant strategic commitment as members of the board of directors.
For his part, the director of the office of SIEED in QU Dr Mahmoud Abdulwahed said that, since last January, the support team has embarked on designing and implementing multiple training, guidance and support programs that aim to encourage and care for the innovation and entrepreneurship for QU researchers, faculty members and students, pointing out that the start-up Genesis Technologies LLC has been registered in Qatar Financial Centre (QFC) to emerge the first company among several promising start-ups that would start to methodically emerge as a result of QU's new strategic orientation by focusing on economic development.
Blockchain is known as a storage technology that verifies the authenticity of digital transactions on the internet with maximum security and encryption, which is impossible to break in light of the techniques currently available.
On this occasion, HE President of QU Dr Hassan Rashid al-Derham said that QU, as the largest higher education's institutions in Qatar and the foundation of knowledge and innovation in Qatar, has launched Qatar University Holding Company within the framework of implementing its strategy for innovation and entrepreneurship to support the establishment of start-ups by the faculty members and researchers, noting that the goals of this company entail the commercial marketing for knowledge and innovations in the university with the objective of making the economic development as third pillar for QU's mission. This is in addition to the two core pillars that target education and scientific research, pointing out that QU's strategic innovation, entrepreneurship, and economic development office (SIEED) was launched after the holding company had launched numerous training, supervision, incubation and supporting programs that had attracted a plethora of faculty members, including researchers and students, stressing that Genesis Technologies LLC is one of the first fruit of these efforts.
In addition, the faculty members Dr Mazen El Masri and Dr Karim El Yafi, who are specialised in information management systems in the college of business and economics at QU partnered to establish Genesis Technologies LLC, especially that a professional team had established the Blockchain, which promised to largely enable more cost-effective and energy-efficient decentralised and secure transactions in the digital economy.
Blockchain remained increasingly vital in the digital age in a time we swiftly moving to the third generation of Web3 and Metaverse, said Mazen El Masri, PhD, Cofounder and CEO of Genesis Technologies LLC, pointing out that the current demonstrations of blockchain suffer from significant flaws, such as high consumption of energy coupled with the costly transactions. However, based on the findings of our research projects, we have the signs of technology that overcome these challenges and create new opportunities for our clients and partners, he added, commending the efforts of QU's new holding company and its supporting team for assisting the start-up through the incubation and registration process, in addition to their constant strategic commitment as members of the board of directors.
For his part, the director of the office of SIEED in QU Dr Mahmoud Abdulwahed said that, since last January, the support team has embarked on designing and implementing multiple training, guidance and support programs that aim to encourage and care for the innovation and entrepreneurship for QU researchers, faculty members and students, pointing out that the start-up Genesis Technologies LLC has been registered in Qatar Financial Centre (QFC) to emerge the first company among several promising start-ups that would start to methodically emerge as a result of QU's new strategic orientation by focusing on economic development.
Blockchain is known as a storage technology that verifies the authenticity of digital transactions on the internet with maximum security and encryption, which is impossible to break in light of the techniques currently available.