Bitcoin isn’t currently scalable for widespread adoption and involves high transaction fees in addition to slow transaction processing speed, which is what Bithereum hopes to change.
The blockchain hype keeps growing and governments are starting to take notice. Widespread adoption of the distributed ledger technology remains a long way off, but it could help address some major public sector challenges.
The organisation said it is close to rolling out 20 blockchain applications in a number of government firms including the Dubai Roads and Transport Authority, Dubai Police and DEWA among others.
Arun Khehar, senior vice president of applications, Oracle ECEMEA, gives his take on why blockchain has the potential to revolutionise various industries and provide enhanced transparency to finance.
Will this promising distributed ledger technology transform cybersecurity?