By News of Bahrain, a Bahraini local media outlet has emphasized the importance of blockchain technology for the country’s economic prosperity on Tuesday, 4 September. However, they went on to report that Bahrainis should also be vigilant and cognizant with regards to cybersecurity.
The concerns around cybersecurity are not unfounded, as over 60 countries have been directly affected by security breaches, including Bahrain, in the last year. Information security is crucial, whereby the digital technology should protect its users against cyber-attacks.
Dr Abdulhussain Mirza is the Minister of Electricity and Water Affairs. He is also part of the Supreme Committee for Information and Communication Technology in Bahrain. He reported that “blockchain technology is one of the most important advancements in recent years and Bahraini talents must familiarise themselves with it and companies must take advantage of it”.
At the SmartSec Cybersecurity and Blockchain Conference 2018, Dr Mirza focused on issues pertaining to cybersecurity as well as the opportunities and threats that blockchain technology may yield. He confirmed the government’s commitment to developing blockchain within Bahrain.
Mirza continued by stating that “technologies such as blockchain take us a huge step forward in finding a secure way to facilitate transactions. Blockchain’s ability to protect user’s data is a true mark of progress, especially due to the fact that it can be applied in different companies from different industries including cyber security”.
In comparison to Dubai, Bahrain has historically remained silent with regards to the topic of blockchain and cryptocurrencies. Dubai is the largest city in the United Arab Emirates and is naturally the epicentre of advanced and important economic trading in the East. It is therefore natural that Dubai would become a centre for digital currency trading.
Dubai has a unique role as the city connects people from low, middle and high-income countries. For instance, people in low and middle-income countries may buy digital currency in Dubai to combat hyperinflation within their own countries. Dubai has also formed an association with IBM, to launch a blockchain archive, as well as the Internet of Things (IoT), and artificial intelligence (AI) in recent years. Compared to Dubai, Mirza’s words mark a rare official comment within the realm of cryptocurrency in Bahrain.
The governmental contribution of blockchain and crypto development in Dubai is from the Department of Economic Development (DED). Smart Dubai and Dubai Silicon Oasis Authority (DSOA) will collaborate with the Department of Economic Development (DED) to enhance Dubai’s business project known as Unified Commercial Registry (UCR).
The 2020 Blockchain Strategy in Dubai, aims to use the technology to power municipal departments, such as that of public services. The progress in Dubai from 2016 to present has been consistent.
In June, Dubai issued its first “sandbox” license to cryptocurrency exchange Palmex. This enables Palmex to trial its services, while regulators evaluate and deliberate necessary regulations.
Mirza, further cautioned the need to increase safety through the use of blockchain, noting that
“this is the kind of initiative that we would like Bahraini companies to have so that innovation can arise amongst the great minds of this community” “Cyber-security is an essential part of our lives because most of our daily lives involve the use of technology in one way or another.”
Is Blockchain being utilized in your country yet? What are your thoughts on the technological advancements Blockchain will provide governments, cities and people around the world?
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