Saudi Arabian Government Hosts Blockchain Bootcamp
Investing in Blockchain
Saudi Arabian government has completed a three day Blockchain bootcamp according to information from the ministry of communications and information technology. The camp was focusing on building Ethereum Smart Contracts and also the development of decentralized applications (DApps).The three-day event was held in conjunction with blockchain technology company ConsenSys which is currently doing many Blockchain projects in the Middle East.
According to a press release after the bootcamp Saudi Arabian Ministry of Communication and Information Technology said that the event was part of its plans to have a digital environment as part of its 2020 action plan.
Technology Industry and Digital Capacities Deputy minister Dr. Ahmed Al-Thnayyan noted that 2020 objectives were mainly aimed at building a digital platform which attracts, develops and incubates minds and skills in Information and Communication Technology so that they achieve a digital transformation aiming at boosting the development process of the Kingdom.
The activities are also in line for ConsenSys which is currently having many projects in Dubai which has invested heavily in Blockchain technology. According to ConsenSys director Lina Hediah:
“The main aim of the workshop was to leverage Saudi Arabia’s ignored human resource potential by equipping them with knowledge and insight for them to understand the power of Blockchain and the potential of these technology for now and for the future.”
Saudi Arabia is also having another Blockchain experiment where they have partnered with Ripple to create a platform for cross boarder payments which will be controlled by the Saudi Arabia Monetary Authority.
Many countries and well-known companies are using the Blockchain technology to reduce operational costs which ensuring reliable sharing of information, safer storage of data and faster exchange of information. A good example is Samsung which is working on a platform to control the movement of its goods. Blockchain is becoming very popular and is deemed to replace all the old inefficient technologies.