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Punjab forms committee to usher in Web 3.0 – Pakistan

LAHORE: The Punjab government has formed a 22-member committee to adopt Web 3 with Punjab Finance Minister Mohsin Leghari as convener while Punjab Information Technology Minister Dr. Arslan Khalid will be co-convener of the committee.

As per the notification, the committee will include the Punjab Legal Secretary, the Chairman of the Punjab Information Technology Board (PITB), the Chairman of PASHA, Policy and Domain Expert Dr. Hussain Nadim and experts in information and communication technologies (ICT). Other committee members include NetSol CEO Salim Ghauri, Systems CEO Asif Pir, Techlogix CEO Salman Akhtar, STEPS CEO Umar Farooq, Information University Vice Chancellor and Technology, Dr. Sarfraz Khurshid, representatives from State Bank of Pakistan, National Bank of Pakistan, Bank of Punjab, Federal Bureau of Revenue BR, SECP and PITB DG e-Governance Sajid Latif.

Web 3.0 is the latest version of the Internet, which will have a strong emphasis on decentralized applications and will make heavy use of blockchain-based technologies. It will also use machine learning and artificial intelligence (AI) to enable more intelligent and adaptive applications. It is only the next evolution of the Internet, from Web 2, that is currently in use.

Committee members will propose actions to explore other areas of Web 3.0, such as the Metaverse as well as Augmented Reality (AR)/Virtual Reality (VR), and suggest concrete actions for implementation. In addition, the committee will also be responsible for suggesting measures to create an enabling environment taking into account Pakistan’s legal, financial and regulatory frameworks. They will also study global best practices adopted by different countries on these topics, including the UK, US, China and Japan.

The committee will propose the implementation R&D regime in the context. It will also study all aspects of cryptocurrencies, virtual currencies, NFTs and the Metaverse regarding their advantages and disadvantages; legal, operational and tax matters; implications, adoption on trade, mining, legal provisions and all other related matters. The Punjab Information Technology Board will provide logistical and secretarial support to the committee.

Commenting on the new initiative, Dr. Arslan Khalid said that as part of Web 3.0, they want to find pathways into a new economy, technology research and development, and create a pool of new talent that can be part of the web ecosystem. 3.

“The committee will engage with relevant global stakeholders and establish their R&D centers and innovation labs in Punjab. In this regard, the committee will give its recommendations and propose specific actions to be taken by the government. He will deliberate in detail engaging a range of stakeholders from industry, academia and government to arrive at a solid roadmap and concrete steps for the adoption of the Web 3.0 ecosystem in the province,” did he declare.

Copyright Business Recorder, 2022