TahawulTech.com
  • TahawulTech.com
  • Country/Region
    • UAE
      • TII’s Cryptography Research Centre collaborates with Yale
      • Emirates NBD recognised for innovation in digital banking
      • AFZ obtains five-star rating by Department of Digital Ajman
      • Trackimo to establish UAE presence after GITEX success
      • ASUS extends 2 Year Perfect Warranty across UAE
    • Saudi Arabia
      • Innovation at the heart of SPARK’s sustainability agenda
      • stc test MENA’s first ORAN on live network
      • SAR Modernises Railway Data Infrastructure with Oracle Cloud
      • Mobily expands Ericsson services partnership in Saudi Arabia
      • F5 Appoints Al Jammaz as a Value-Added Distribution Partner
    • Oman
      • Oracle supports major project to accelerate Oman digital economy
      • Ooredoo accelerates cybersecurity in Oman with new deal
      • Omantel selects Ericsson to manage its nationwide multi-vendor networks
      • Oman TRA shares plans to accelerate 5G deployment
      • Oman ICT and IFS partnership
        IFS, Oman ICT Group partner to develop country’s ICT sector
    • Bahrain
      • Bahrain achieves full nationwide 5G coverage
      • Batelco, SonicWall launch integrated security solutions for SMEs in Bahrain
      • Bahrain to offer COVID-19 test results on WhatsApp, Facebook Messenger
      • Infor supports Bahrain’s digital transformation
      • Zain taps Ericsson to launch 5G network in Bahrain
    • Kuwait
      • Commercial Bank of Kuwait gets mobile payments moving with Thales Digital Solutions
      • Ooredoo chooses Fortinet to deliver secure SD-WAN managed services in Kuwait
      • Zain rolls out first-ever 5G roaming service in MENA
      • Kuwait’s Zain Group bolsters cloud offerings with Oracle
      • (LtoR) Nouri and Athbi Al Enezi, JustClean
        Kuwait-based online laundry services firm reveals expansion plans
    • Africa
      • Amazon payment services launches in the MENA region
      • Egypt people determination
        Egypt turns to AI to deliver COVID-19 diagnosis service to People of Determination
      • Dubai-based Credence Security signed by ESET as distributor for southern Africa
      • Reem Asaad, Vice President Middle East and Africa, Cisco
        Cisco appoints new vice president for Middle East and Africa
      • solar power
        Schneider Electric inks sustainable energy deal for Africa
    • Middle East
      • HP Appoints Vishnu Taimni as Head of Middle East Operations
      • FlexxPay Launches Telesales Centre in Lebanon
      • Ericom Resumes Expansion with Key Investments in the region
      • Huawei M.E a reference for resilience and sustainability
      • Amazon payment services launches in the MENA region
    • Global
      • Gender Lens investing vital to economic recovery
      • Virgin Hyperloop unveils location for Hyperloop certification centre
      • TikTok taps Oracle as secure cloud provider
      • Zoom acquisition
        Zoom gets security boost with Keybase acquisition
      • Why collaboration is the answer to the successful roll-out of 5G
  • Industry
    • Education
      • Ajman University gets Microsoft AI for Health Research Grant
      • Al Rayan Schools and Microsoft conduct remote e-learning
      • BenQ’s Blended Education Solutions Ensure Quality Learning
      • Knowledge Hub Forges Digital Learning Experiences with Aruba
      • Dubai Culture concludes e-learning initiative with LinkedIn
    • Energy
      • AI Experts Create CodeCarbon, to Track Computing’s CO2 Output
      • Digitalisation to unlock $2.6 trillion in oil and gas sector
      • Siemens Energy and Porsche advance e-fuel development
      • Earth Hour
        What we can learn from Earth Hour during the pandemic
      • Working home energy bills
        Schneider Electric: Reduce your energy bills while working from home
    • Financial services
      • OMA Group becomes TPSP of UnionPay International
      • i2c to Power TAG – Pakistan’s Digital Financial Super App
      • FAB signs testing and trialling agreement for ‘CLSNet’
      • Emirates NBD recognised for innovation in digital banking
      • JustChain launches a blockchain-based notary platform
    • Government
      • Hanwha Techwin Signs MOU with Egypt Ministry
      • DEWA hosts Future Engineers camp
        DEWA adopts Smart Dubai’s ethical AI toolkit
      • Dubai SME, HPE team up to foster innovation and local entrepreneurship
      • Dubai Economy launches latest version of ‘EngageDXB’ app
      • Younus Al Nasser, CEO of Dubai Data
        Smart Dubai to spotlight smart city initiatives at GITEX 2020
    • Healthcare
      • Kaspersky tips on remote working for smaller businesses
      • Why healthcare remains a prized target for cybercriminals
      • Thumbay boosts Healthcare’s Cybersecurity with Trend Micro
      • Kaspersky reveals two APT incidents related to vaccine research
      • Avaya Earns Award for Excellence in Healthcare Solutions
    • Property
      • Renters searching for homes online surge amid coronavirus fears
      • tech app Dubai
        Emirati tech entrepreneur launches new app to ease Dubai’s rental woes
      • huobi fam properties
        Huobi, fäm Properties to offer secure crypto payments in real estate
      • Cybertrucks
        UAE’s Azizi Developments pre-orders Tesla Cybertrucks for site visits
      • Oracle Emaar
        How Emaar and Oracle are building the future of property and IT
    • Retail
      • GMG Sports prepares with new digital omnichannel strategy
      • du announces availability of the all-new iPhone 12 Pro Max and iPhone 12 mini with 5G
      • Dubai e-commerce
        Dubai e-commerce sector sees significant increase: Dubai Economy
      • UAE consumer spending this Ramadan pivots on cashless transactions: Criteo
      • Facebook rolls out new platform to help small businesses thrive online
    • Technology
      • StarLink reports solid performance in 2020 and future plans
      • Roadmap to cloud success
      • HyperX Reveals New PC and Console Gaming Gear at CES 2021
      • CES 2021: Intel Announces Four New Processor Families
      • CES 2021: Bosch puts its faith in AI and connectivity
    • Transport & Logistics
      • Kaspersky launches TI reporting for the automotive industry
      • FENIX is Fujairah’s first micro-mobility operator
      • Dubai’s RTA launches the first digital nol cards with Huawei
      • Beema builds market share as InsureTech firm reports growth
      • SAR Modernises Railway Data Infrastructure with Oracle Cloud
    • Travel & Hospitality
      • MYBEA a new app for hotels and restaurants owners
      • Emaar partners with Xiaomi to deliver smart home technology
      • DTP teams up with Dassault Systèmes to optimise resource planning at DXB
      • Dubai’s Emirates first foreign airline to start biometric boarding
      • UAE spotlights AI’s role in the fight against food waste
  • Company
    • Enterprise
      • AppsFlyer Committed to Attribution and Measurement Solutions
      • Reseller ME Forum & Excellence Awards 2020
      • stc Bahrain wins big at GCC Best Employer Brand Awards
      • Global business leaders are re-thinking how they work due to COVID-19 pandemic: study
      • Saudi Bugshan Company turns to IBM Cloud to transform business operations
    • Corporate
      • BT to streamline Schindler’s global network infrastructure
      • Dubai’s Atlantis turns to Dell Technologies to modernise IT environment
      • Fine Hygienic Holding to accelerate growth with Oracle Cloud
      • John Maddison, Fortinet
        Fortinet secures cloud environments of four global firms
      • Male and female chefs preparing food in commercial kitchen
        Emaar Hospitality Group brings AI tech into UAE kitchen
    • SME
      • Alaris expands information capture ecosystem for SMEs
      • “Innovation is a focal point in Abu Dhabi’s plans,” says DED chair
      • This new app can help SMEs calculate VAT
      • Microsoft introduces SME-centric solution in UAE
      • Fourth Industrial Revolution startups in Dubai get new incubator
    • Startup
      • Hub71 teams up with UAE banks to spotlight banking pain points for startups
      • Kaspersky calls on tech startups for the second edition of Open Innovation Hub
      • UAE-based doctor booking app secures $10 million in funding
      • UAE, Abu Dhabi
        Abu Dhabi’s Hub71 launches region’s first Microsoft Reactor Program
      • CAFU, specialised drones, climate change
        UAE’s fuel refill app to fight climate change with specialised drones
    • Vendor
      • BeyondTrust’s revenue grew with its Management solution
      • WALLIX signs distribution partnership with SCOPE Middle East
      • stc launches Advanced Technology and Cybersecurity Company
      • StarLink reports solid performance in 2020 and future plans
      • Private Cloud Usage Sets Path for Hybrid Cloud Migration
    • Channel
      • WALLIX signs distribution partnership with SCOPE Middle East
      • Ring and Etisalat collaborate on safer neighbourhoods
      • Exasol and VAD Technologies partner on analytics solutions
      • Silah Gulf and Cisco Partner to improve Customer Experiences
      • Vade Secure partners with Global Security Network (GSN)
  • Trending
    • Digital Transformation
      • Internet of Things
      • Big Data
      • Blockchain
      • Smart City
      • Cloud Computing
    • Artificial Intelligence
      • Data Centre
      • Machine Learning
      • Virtual Reality
      • Robotics
      • Systems Integrator
      • E-commerce
    • 3D Printing
      • Self-driving Cars
      • Drones
      • Automation
      • Smartphones
      • Wearables
      • Virtualisation
    • Fintech
      • Storage
      • Mobile Payment
      • Startups
      • Applications
      • Security
  • News
    • All News
      • BeyondTrust’s revenue grew with its Management solution
      • Kaspersky launches TI reporting for the automotive industry
      • WALLIX signs distribution partnership with SCOPE Middle East
      • stc launches Advanced Technology and Cybersecurity Company
      • StarLink reports solid performance in 2020 and future plans
    • Software
      • BeyondTrust’s revenue grew with its Management solution
      • Exasol and VAD Technologies partner on analytics solutions
      • Leveraging the power of AI and ML for better data centres
      • Ajman University gets Microsoft AI for Health Research Grant
      • AppsFlyer Committed to Attribution and Measurement Solutions
    • Hardware
      • Logitech Raises the Bar for the Video Conferencing Industry
      • OPPO’s new technology ensures privacy for smartphones
      • Huawei AI Seamless Life Integration Concept
      • CES 2021: Kingston Digital presents Workflow Product Series
      • HyperX Reveals New PC and Console Gaming Gear at CES 2021
    • Networking
      • D-Link Redefines the Home with Digital Transformation
      • Fortinet Recognised as Visionary in LAN Infrastructure
      • stc test MENA’s first ORAN on live network
      • Nutanix named Leader in Infrastructure Software for the Fourth Year
      • Fortinet Acquires Network Monitoring Innovator Panopta
    • Security
      • Kaspersky launches TI reporting for the automotive industry
      • stc launches Advanced Technology and Cybersecurity Company
      • Ring and Etisalat collaborate on safer neighbourhoods
      • Huawei: Setting new security standards
      • Vade Secure partners with Global Security Network (GSN)
    • Channel
      • WALLIX signs distribution partnership with SCOPE Middle East
      • Ring and Etisalat collaborate on safer neighbourhoods
      • Exasol and VAD Technologies partner on analytics solutions
      • Silah Gulf and Cisco Partner to improve Customer Experiences
      • Vade Secure partners with Global Security Network (GSN)
    • Telecoms
      • du and Etisalat announce partnerships with Emaar Properties
      • Ericsson CEO issues stark warning to Europe on 5G
      • President of US-China business council describes treatment of Huawei as ‘murder’
      • UAE operator launches 5G-enabled mobile devices
      • etisalat
        Abu Dhabi’s new airport to become first 5G connected hub in the region
    • Video
      • Huawei Cloud, Grow with Intelligence
      • Interview with Alain Penel, Fortinet
      • Interview with Syed Yousuff Shahan, TouchForce
      • Interview with Rami Kichli, Software AG
      • Feras Al Jabi, General Manager at ATC, on their partnership with Huawei
  • Features
    • Features
      • Ericsson – Smart home privacy: How to avoid ‘data paparazzi’
      • Private Cloud Usage Sets Path for Hybrid Cloud Migration
      • Kaspersky tips on remote working for smaller businesses
      • Leveraging the power of AI and ML for better data centres
      • Roadmap to cloud success
    • CIO Spotlight
      • DMCC
        Rare commodity: DMCC IT director Abdalla Al Ali
      • HSBC MENAT CIO Ghinwa Baradhi
        The bigger picture: HSBC MENAT CIO Ghinwa Baradhi
      • Mubadala Investment Company CIO Mansour Al Ketbi
        Mansour Al Ketbi unites IT teams for $125 billion Mubadala Investment Company
      • Tariq Al Usaimi, head of digital strategy for the Central Bank of Kuwait
        The new breed: National Bank of Kuwait CDO Tariq Al-Usaimi
      • Al Masah Capital CIO Ashith Piriyattiath
        Ashith Piriyattiath’s diverse & transformative GCC career
    • Case Studies
      • elseco
        DIFC prioritises digital transformation to enhance connectivity and accessibility with Wi-Fi 6
      • How Dubai South is building a digital development
      • Top of the class
      • City University College Ajman delivers agile campus with Huawei
      • Al Safeer CIO Kumar Prasoon
        Rub of the green: Kumar Prasoon’s vision for an energy-efficient Al Safeer
    • Partner Watch
      • Kaspersky signs MoU with Zayed University
      • F5 Appoints Al Jammaz as a Value-Added Distribution Partner
      • The time is now for RNS Managed Security Services
      • ASBIS Middle East on revolutionising the distribution space
      • How Raqmiyat is piloting customers’ digital future
    • Vendor focus
      • 4 Features to Explore in the HUAWEI Browser
      • Avaya Earns Award for Excellence in Healthcare Solutions
      • Securing Cloud Transformation with Future-Ready Solutions
      • AI solutions take the drama out of running your cloud
      • See and secure all connected devices with Armis
    • Analysis
      • Private Cloud Usage Sets Path for Hybrid Cloud Migration
      • Cisco’s 2021 Global Networking Trends Report
      • US tech companies list popular stocks among UAE investors
      • Attacks on remote desktop protocols grew by 177% in the UAE
      • Gender Lens investing vital to economic recovery
    • Video
      • Huawei Cloud, Grow with Intelligence
      • Interview with Alain Penel, Fortinet
      • Interview with Syed Yousuff Shahan, TouchForce
      • Interview with Rami Kichli, Software AG
      • Feras Al Jabi, General Manager at ATC, on their partnership with Huawei
    • Lifestyle
      • Ericsson – Smart home privacy: How to avoid ‘data paparazzi’
      • LG Delivers a Hassle-Free Cleaning Experience
      • Snap shares reliable tips to prevent coronavirus with new creative tools
      • 10 funny working from home tweets to lift your spirits
      • totok pay
        ToTok launches ToTok Pay
    • Insight
      • Kaspersky launches TI reporting for the automotive industry
      • Ericsson – Smart home privacy: How to avoid ‘data paparazzi’
      • Kaspersky tips on remote working for smaller businesses
      • Leveraging the power of AI and ML for better data centres
      • Ajman University gets Microsoft AI for Health Research Grant
    • Opinion
      • Ericsson – Smart home privacy: How to avoid ‘data paparazzi’
      • Leveraging the power of AI and ML for better data centres
      • Roadmap to cloud success
      • Is cloud native right for you?
      • How cloud platforms are helping to fight COVID-19
    • Blogs
      • Securing Cloud Transformation with Future-Ready Solutions
      • AI solutions take the drama out of running your cloud
      • Livestream to a network: Building lasting ties through short videos
      • Why global corporations are adopting Microsoft Azure
      • How brave will you be in this brave new world?
  • News
    • Region
      • BeyondTrust’s revenue grew with its Management solution
      • Kaspersky launches TI reporting for the automotive industry
      • WALLIX signs distribution partnership with SCOPE Middle East
      • stc launches Advanced Technology and Cybersecurity Company
      • StarLink reports solid performance in 2020 and future plans
  • Magazines
    • CNME
      • December 2020
      • November 2020
      • Computer News Middle East | Driving the digital economy | October 2020
        October 2020
      • Computer News Middle East | Multi-cloud provider | September 2020
        September 2020
      • Computer News Middle East August 2020 Cover
        August 2020
    • Reseller ME
      • January 2021
      • December 2020
      • Reseller Middle East | November 2020 | Cover
        November 2020
      • Reseller Middle East | Elevating the cloud
        October 2020
      • Reseller Middle East September 2020 Cover
        September 2020
    • Security Advisor ME
      • December 2020
      • Security Advisor Middle East | November 2020 | Cover
        November 2020
      • Security Advisor Middle East | Issue 51
        September 2020
      • Security Advisor Middle East | June-July 2020 | Magazine Cover
        June-July 2020
      • Security Advisor Middle East | Strength in unity | Issue 48 | Cover
        May 2020
    • 60 Minutes
      • 60mins Day 5 – (2020)
      • 60mins Day 4 – (2020)
      • 60mins Day 3 – (2020)
      • 60mins Day 2 – (2020)
      • 60mins Day 1 – (2020)
    • Supplements
      • Exclusive Times | Issue 01
      • GovTech – June 2020
      • Automation First | Issue 01
      • Value Stories | Issue 05 Cover
        Value Stories | Issue 05
      • Value Stories | Issue 04 Cover
        Value Stories | Issue 04
  • Events
    • Awards
      • Transformational Leadership Awards
      • The CIO 300 Awards 2021
      • GovTech Innovation Awards
      • Reseller ME Partner Excellence Awards
      • CISO 50 & Future Security Awards
    • Customer Events
      • Race to innovate | Your Voice | Tahawul Tech
        Race to Innovate
      • Expectations vs Investment
      • Rise of e-commerce
      • Combating credit crunch
    • Forums
      • Reseller Middle East Forum
      • Evolve - Digital Transformation Forum
        Evolve – Digital Transformation Forum
    • Your Voice
      • Race to innovate | Your Voice | Tahawul Tech
        Race to Innovate
      • Expectations vs Investment
      • Rise of e-commerce
      • Combating credit crunch
    • Webinars
      • Huawei and IDC collaborate on Autonomous Network white paper
      • WEBINAR: Experience the Intelligent HPE Hyperconverged and Composable Infrastructure
      • WEBINAR: How Alpha Data and Veritas Enable Enterprises to Win the War Against Ransomware
      • WEBINAR: How to maximise the value of multi-cloud environments with Veritas and eSolutions
      • WEBINAR: How Versos and Veritas Enable Enterprises Stay Protected Against Ransomware
  • GITEX
  • Gartner
  • Huawei
Don’t show this ad again.
Redington Value Distribution
Gartner
2CRSI - Server Solution Manufacturer
D-Link
BICSI
Moro
Features

Is blockchain Saudi Arabia’s missing link?

James DartnellJames DartnellFebruary 10, 2019, 3:19 pmFebruary 10, 2019
Dr Hesham bin Abbas, head of Saudi Arabia’s Ministry of Communications and Information Technology’s blockchain initiative
Dr Hesham bin Abbas, head of Saudi Arabia’s Ministry of Communications and Information Technology’s blockchain initiative

On the face of it, blockchain has the potential to fulfill some of Saudi Arabia’s most important Vision 2030 goals.

The strategy, announced in 2016, lays out a broad economic and social transformation plan, with technological development as one of its main strategic pillars. The Vision 2030 blueprint says the Kingdom will “expand the variety of digital services to reduce delays and cut tedious bureaucracy” and will “immediately adopt wide-ranging transparency and accountability reforms”. Blockchain ticks both these boxes.

However, as many enterprises and governments in the Middle East are beginning to discover, introducing blockchain systems isn’t straightforward. A lack of developer expertise and suspicion from third party partners have been two of the biggest hurdles to widespread adoption so far. Saudi Arabia, like so many other nations and private sector enterprises, is still finding its feet, but is determined to put blockchain at the core of its operations.

Dr Hesham bin Abbas, head of Saudi Arabia’s Ministry of Communications and Information Technology’s blockchain initiative, a speaker at the recently held Unlock Blockchain Forum, concedes that Saudi Arabia is in the “exploratory” phase with blockchain, but believes the country is not alone in this regard. “That’s the same for almost everyone across the world,” he says. “Some use cases are under development in different areas and entities in Saudi Arabia. Some are in areas like telecoms and municipalities, where we’re piloting some projects but are working towards finding the right use cases. It’s good to understand the benefits and drawbacks of blockchain at this stage.”

Bin Abbas, who obtained his doctorate in computer networks from the University of Pittsburgh, and also holds degrees from King Saud University and the University of Washington, believes that blockchain will be an ideal fit for the country, and an important strategic component of its development. “Saudi Arabia is interested in the enablement of all emerging technologies, and this especially applies to blockchain, which is an important part of our economic diversification,” he says. “Most of our revenue growth will come from emerging technology. Traditional areas such as software, hardware, services and cloud are mature and saturated. Vision 2030’s main strategic objective is non-oil economy diversification. Digital transformation is one aspect of that, and we see major opportunities with emerging technologies.

“We believe we have a really good opportunity with blockchain. It has many advantages like transparency, speeding up processes, cutting costs and delivering a trusted environment for all stakeholders. All these features are aligned with our government and its goals.”

Experts have hailed the collapse in cryptocurrency prices in November 2017 as being the turning point for understanding their underlying technology, and this shift has served not only to give a less cynical interpretation of blockchain, but has also increased the understanding of the value it can provide. “When cryptocurrencies became very high-profile a few years ago, there was a lot of confusion around blockchain,” bin Abbas says. “Now, I think it’s become clear to everyone how to differentiate between the technology and its misuse. Any technology can be misused, and the perception of Bitcoin being associated with illegal activity definitely affected it.”

Unlike the Dubai government, which has given a mandate for 50% of government services to be blockchain-based by 2020, bin Abbas believes Saudi Arabia will evaluate whether to use blockchain on a case by case basis and does not believe it will be a bureaucratic panacea. “Blockchain doesn’t solve every problem,” he says. “There are certain conditions for which it will be the right solution, but they need to be identified correctly. Sometimes, you won’t need to invest in blockchain at all, and a traditional application or database will be good enough. You need to work with potential users to understand the right scenarios. The irrevocable nature of information within blockchain isn’t an advantage or disadvantage, it just depends on your application requirement. If your requirement is for information to be unchangeable then it’s the right option. It depends on your business requirement and the application itself.”

Identifying the appropriate use cases for blockchain is all well and good, but the world already faces a huge shortage of skilled developers that are able to meet fast-growing demand. The world’s tech powerhouses are beginning to announce their play in the space, and some companies may even have to learn on the job in order to meet market needs. Saudi Arabia wants to make sure it is equipped with the right talent to build the necessary foundations for blockchain development.

“We’re committed to implementing all the right ecosystem components,” bin Abbas says. “MNCs are essential, and we’d like to develop a strategy which promotes them investing in Saudi Arabia and working with the government. We also want to develop local talent and startups. Some of the blue-chip tech companies are already here and have created a business line for blockchain, but we’re also targeting small international startups that have strong expertise. We’re trying to find the best way to collaborate and create the best opportunities to do business.

“One approach is to explore the demand and supply aspects of Blockchain in parallel. On the demand side we could hold sessions and workshops with different sectors to identify the right use cases, implement a high-level architecture then come up with clear demand for use cases. On the supply side, we could work with local entrepreneurs to engage in incubators and accelerators. You can then match the supply with demand with the help of a regulatory framework.”

A key part of Saudi Arabia’s blockchain journey will be played out beyond the PC monitors of application developers and instead between regulatory committees that must decide upon the rules that will govern the technology’s usage. Blockchain, by its nature, must have regulations that are compatible with a country’s international partners.

“Blockchain is borderless – it can’t have conflicts with international interests,” bin Abbas says. “Regulatory frameworks and standards are not internationally developed yet, so we’re going through a journey of use cases, and are collaborating with international companies and delivering education and awareness sessions to understand the value of the technology. This will all help us to identify challenges and learn from experiences to understand how to design frameworks for standards and policies that align with international trends and help to develop local talent.”

Saudi Arabia also has plans to introduce broader changes around citizen information that relate to the use of blockchain. “We also want to deliver open data, data privacy and data security,” bin Abbas says. “These are strategic policies we’d like to align with blockchain.”

Paradoxically, although blockchain is intended to increase trust amongst concerned parties, one of its biggest obstacles to success is exactly that – trust. IBM’s highly publicised partnership with logistics giant Maersk is the world’s most renowned blockchain use case, but the deal has run into difficulty in terms of onboarding smaller partners to the platform. “There are definitely limitations, difficulties and technical obstacles around blockchain,” bin Abbas says. “You can already see some of the issues that the world’s biggest companies are facing with blockchain, but that’s natural. You have to expect some limitations and issues. They will be solved and resolved with the right R&D and protocols. Blockchain’s potential opportunities are bigger than its expected obstacles. Blockchain doesn’t appear all of a sudden as it’s an integration of existing technologies to develop new services.”

Bin Abbas does not believe that a decentralised ledger technology could pose a significant threat to traditional transaction custodians, such as banks. Central governments across the world have considered the threat to their existence, but bin Abbas believes the most essential institutions will not be affected by its introduction. “I don’t believe they’re under threat because it ultimately depends on the application that you use,” he says. “I don’t want to call blockchain a threat, because I believe businesses will adapt to new technology. However, sometimes, keeping control of everything is an overhead cost. Maybe it’s better to release control of certain things, and blockchain can certainly assist with that. Businesses like banks and central governments will be needed, and that won’t change. You can’t just move everything to a blockchain solution. If you need to get rid of a central authority then you could use blockchain, but if you do then maybe it should be a private, permission-based blockchain, which is similar to existing databases.”

However, bin Abbas acknowledges that smaller organisations that have historically been responsible for managing transactions could find themselves threatened by blockchain. “It’s true that smaller businesses such as currency exchange houses could be at risk,” he says. “Many banks themselves are investigating things such as currency remittances through blockchain. Globally, banks are trying out different solutions. Ripple has already signed agreements with more than 1,200 banks around the globe, so I think banks see blockchain as more of an opportunity than a threat.”

Related Articles

  • Leveraging the power of AI and ML for better data centres
  • Huawei AI Seamless Life Integration Concept
  • Kaspersky: Cyber threat estimates for 2021 in META region
blockchain dr hesham bin abbas featured3 saudi arabia ministry of communications and information technology Vision 2030

Previous ArticleTrend Micro: One third of cybersecurity staff feel isolated from the businessNext ArticleMiddle East VAD inks deal with hybrid cloud firm Infrascale

Most Read in Features

Leveraging the power of AI and ML for better data centres

2 days agoJanuary 19, 2021

Kaspersky tips on remote working for smaller businesses

2 days agoJanuary 19, 2021

Ericsson – Smart home privacy: How to avoid ‘data paparazzi’

1 day agoJanuary 20, 2021

Private Cloud Usage Sets Path for Hybrid Cloud Migration

1 day agoJanuary 20, 2021

RECOMMENDED FOR YOU

  • Juggle apps, stream wirelessly or control without touch
  • Sophos Announces 4 New Artificial Intelligence Developments
  • Avaya Earns Award for Excellence in Healthcare Solutions
  • Cyber-attacks to become more targeted in 2021, says HP Inc.

GET TAHAWULTECH.COM IN YOUR INBOX

The free newsletter covering the top industry headlines

CPI Media Group
TahawulTech.com is the definitive platform in the Middle East for IT content. Covering stories across enterprise technology, cybersecurity and the region’s IT channel industry, TahawulTech.com brings business leaders and technology decision makers together to share their stories of transformation.

OTHER LINKS

  • Events
  • Media Pack
  • Resource Centre
  • Subscription

 

  • Advertise
  • Contact Us
  • Privacy Policy

Contact Us

Head Office:
Media City, Building 4, Office G-08
Dubai, United Arab Emirates, PO Box 13700
Tel: +971 4 568 2993
Email: info@tahawultech.com
© 2021 All Rights Reserved. Product of CPI Media Group.
Menu
  • Home
  • Country/Region
    • UAE
    • Saudi Arabia
    • Oman
    • Bahrain
    • Kuwait
    • Africa
    • Middle East
    • Global
  • Industry
    • Education
    • Energy
    • Financial services
    • Government
    • Healthcare
    • Property
    • Retail
    • Technology
    • Transport & Logistics
    • Travel & Hospitality
  • Company
    • Enterprise
    • Corporate
    • SME
    • Startup
    • Vendor
    • Channel
  • Trending
    • Digital Transformation
    • Internet of Things
    • Big Data
    • Blockchain
    • Smart City
    • Cloud Computing
    • Artificial Intelligence
    • Data Centre
    • Machine Learning
    • Virtual Reality
    • Robotics
    • Systems Integrator
    • E-commerce
    • 3D Printing
    • Self-driving Cars
    • Drones
    • Automation
    • Smartphones
    • Wearables
    • Virtualisation
    • Fintech
    • Storage
    • Mobile Payment
    • Startups
    • Applications
    • Security
  • News
    • All News
    • Software
    • Hardware
    • Networking
    • Security
    • Channel
    • Telecoms
    • Video
  • Features
    • Features
    • CIO Spotlight
    • Case Studies
    • Partner Watch
    • Vendor focus
    • Analysis
    • Video
    • Lifestyle
    • Insight
    • Opinion
    • Blogs
  • News
  • Magazines
    • CNME
    • Reseller ME
    • Security Advisor ME
    • 60 Minutes
    • Supplements
  • Events
    • Awards
    • Conferences
  • GITEX
  • More
    • About Us
    • Contact Us
    • Advertise
    • Privacy Policy
    • Media Pack
    • Subscriptions
    • Resource Centre
    • CPI Media Group
  • Gartner
  • Huawei
tahawultech.com Intro