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Qatar University start-up aims to make blockchain transactions less costly, more energy-efficient

A Qatar University (QU) start-up is commercializing a blockchain platform to enable more cost-effective, energy-efficient transactions in the digital economy.

“Blockchain technology is becoming increasingly important to the digital age, especially as we move rapidly into the Web 3.0 and the metaverse,” says Marzen El Masry, faculty member at QU and co-founder and CEO of the start-up Genesis Technologies.

“However,” El Masry adds, “the current manifestations of blockchain technology suffer from some significant drawbacks such as very high-energy consumption and costly transactions. Our technology, based on the novel concept of ‘proof of useful work,’ overcomes such challenges and creates new opportunities for our customers and partners.”

Genesis was spun out through the University Innovation & Entrepreneurship Strategy, a major economic development initiative launched by QU, with support from QU Holding Company, which the university launched to nurture and grow its start-up ecosystem.

“It [the QU Holding Company] aims to make economic development a third pillar of our mission, alongside with the existing two core pillars: education and research,” says QU president Hassan Al-Derham.

“In the few months since its inception for supporting QU Holding purposes,” Al-Derham adds, “the newly established Office of Strategic Innovation, Entrepreneurship and Economic Development (SIEED) at Qatar University has launched several training, coaching, incubation, and support programs that have attracted a significant number of faculty members, researchers and students, and of which Genesis is one of the first fruits of that work.”

Source: ITP

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