A minister from Bahrain called on companies and individuals in the country to adopt blockchain technology. According to the minister, this would go very far in the development of the country and in the fight against cybercrime.
Bahrain stands to benefit from Blockchain technology
According to lcoal media sources, the Minister of Electricity and Water Affairs of Bahrain, Dr. Abdulhussain Mirza, stressed the importance of # Adoption of the blockchain. During the inauguration of the two-day SmartSec Cyber Security and Blockchain Conference 2018, the minister said that Bahrain companies and citizens must take advantage of the nascent technology.
Speaking of his potential, Mirza has defined technology as a "real sign" of progress "and hailed it as a significant progress for the country, the minister believes that blockchain technology is able to fight cyber threats and Insecurity.
The Minister of Bahrain also believes that the adoption of blockchain technology will greatly contribute to the creation of secure transactions.Also, the immutability of blockchain is a valuable asset that can be useful for companies and industries, to maintain customer privacy.
Abdulhussain Mirza also stated:
This is the kind of initiative we would like for Bahrainian societies to have that innovation arise between the great minds of this community. "Computer security is an essential part of our lives because most of our daily life involves the use of technology in one way or another. in the & # 39; other.
Mirza also noted the prevalence of digital attacks that hit more than sixty countries, including Bahrain, in 2017 Bahren's top bank recently warned various financial institutions, including banks, of an imminent direct attack on ATMs all over the world.
According to the minister, digital era means that security should be taken seriously. He also said that an adequate supply of electricity should be a priority, as it guarantees security and immunity from cyber attacks.
Cryptocurrency and Blockchain Adoption in Bahrain
Bahrain is trying to become a global virtual currency hub, with its firm belief in blockchain technology and cryptocurrency. In March, the island activated a "regulatory sandbox" for virtual currency. At the time, four digital currency exchanges were introduced into the Sandbox Regulation that would be studied and subsequently adjusted.
In August, ABC, a bank based in Bahrain, became the first bank in MENA (Middle East and North Africa) region to join a blockchain, R3 consortium.