Besides Oil Production, Will Saudi Arabia Lead the Middle East in Blockchain Adoption?

Besides Oil Production, Will Saudi Arabia Lead the Middle East in Blockchain Adoption?
фото показано с : zycrypto.com

2020-6-10 11:13

The middle east is known for its oil production. It appears that the region will also have a head start as regards blockchain technology. The Saudi Arabian Monetary Authority in a tweet just announced that blockchain technology had been deployed within its financial system.

The country known for its oil wells has adopted blockchain solutions for its financial ecosystem.  This is important because the move by the Saudis speaks volumes.

We are living in an age where the petrodollar no longer holds sway. This has led to greater spending on the part of oil-producing economies. 

The great vision of Saudi’s Mohammed Bin Salman (MBS) has slowed down due to the current pandemic. The Saudi Government entered into a faceoff with Russia on production cuts and has resorted to doing what it usually does in times of crisis: spend its way out.

An April KMPG report on the economic implications of the COVID-19 pandemic on the Saudi Arabian economy highlighted the impact of the crash in oil prices.

The Saudi Government in the report had created palliatives for the financial sector. This was to enable the economy to be directly stimulated. 

Blockchain technology comes with made advantages. It is low-cost, transparent, secure, and anti-inflationary. These advantages and more may have led the Saudis to come up with the rather brilliant idea of deploying blockchain technology.

The Saudis have deployed blockchain systems to enhance credit provision. The model deployed is the first of its kind in the Middle East. 

This could become a watershed moment for Saudi Arabia. One where they could be the undisputed leader in blockchain technology. It is also the precursor to the implementation of a Central Bank Digital Currency (CBDC). Something that will make them the clear leader in the Middle East.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

High Performance Blockchain (HPB) на Currencies.ru

$ 0.0100291 (+7.61%)
Объем 24H $25.057k
Изменеия 24h: 5.20 %, 7d: 30.40 %
Cегодня L: $0.0090557 - H: $0.0100291
Капитализация $732.823k Rank 1812
Цена в час новости $ 0.0896036 (-88.81%)

blockchain middle east technology oil production saudi

Источник: zycrypto.com

blockchain middle → Результатов: 111


Jibrel Network Could Turn Middle East Oil Wealth Into Tech Startups

Oil-rich economies of the Middle East and North Africa are looking for ways to diversify, and the Jibrel Network (JNT) is leveraging blockchain technology to make it happen. Private financing has a new avenue for building wealth, according to the development company, with “young and tech-savvy entrepreneurs” in the region moving into new industries and […] The post Jibrel Network Could Turn Middle East Oil Wealth Into Tech Startups appeared first on Crypto Briefing.

2019-9-3 19:47


Iran Punks Trump With Historic Gold-Backed Crypto Scheme

Days after President Trump slammed bitcoin and the very idea of crypto, geopolitical foe Iran revealed that it is ready to unveil its own gold-backed cryptocurrency. Gold held in reserve by the Middle East country’s central bank will back the value of tokens on the blockchain of Iran’s new central bank “cryptocurrency” – which might […] The post Iran Punks Trump With Historic Gold-Backed Crypto Scheme appeared first on CCN Markets

2019-7-15 21:30


Фото:

Dubai Turns to Blockchain Technology for Environmental Conservation 

The Dubai Electricity and Water Authority (DEWA) has trained the fourth batch of participants of the Carbon Ambassadors Programme on distributed ledger technology (DLT) and other new technologies. The initiative is aimed at equipping participants with the critical skills needed to utilize blockchain technology in environmental conservation programs and more, reports Middle East Utilities onRead MoreRead More.

2019-7-9 19:00


Фото:

Chinese Listed Companies and Bitcoin Mining: Partner or Predator?

This article was originally published by 8btc and written by Lylian Teng. Some Chinese listed companies have jumped on the bandwagon of bitcoin mining following the bitcoin bull run throughout 2017, either under the guise of cloud computing or providing mining hosting services, in an effort to bypass regulations considering the country’s tough stance on bitcoin.

2019-5-29 18:53


DREP to Partner with Dubai Blockchain Solution Provider Block Gemini and Support Dubai’s 2020 Blockchain Strategy

Singaporean Blockchain start-up DREP recently announced the cooperation with BlockGemini, a leading blockchain development & consultancy agency in the MENA region. DREP is expected to provide infrastructure technical support for Block Gemini for local companies ranging from real estate to finance to supply chain and other industries, and further shape innovative standards for the Middle […] The post DREP to Partner with Dubai Blockchain Solution Provider Block Gemini and Support Dubai’s 2020 Blockchain Strategy appeared first on ZyCrypto.

2019-5-17 23:28


JobCoin: Safe Blockchain Payments Protocol and Cryptocurrency Coin?

What Is JobCoin? JobCoin is a digital project that seeks to reduce poverty and inequality in the world. It aims to achieve this particularly by enhancing working conditions for lower and middle class workers, industrious immigrants, and overseas workers, refugees, and poor people from developing countries. JobCoin operates on the fact that only 1% of […]

2019-5-8 11:06


Pundi X POSitions Itself For Middle East Expansion

The team at Pundi X could never be accused of lacking ambition. Since launching their tokens through a $35 million ICO in early January 2018, the Indonesian startup has not only created the NPXS token, but also developed a prototype blockchain phone, the XPhone, and manufactured and distributed its POS devices to retailers, with a […] The post Pundi X POSitions Itself For Middle East Expansion appeared first on Crypto Briefing.

2019-5-1 20:12


Blockchain Trade Finance Network Marco Polo and TradeIX Adds Three New Key Members To Group

Marco Polo is the largest and fastest growing trade finance network in the world, powered by distributed ledger technology (DLT) and focusing on bringing significant efficiencies in financing trade. It is a joint initiative bringing together R3, TradeIX and 20 leading financial institutions based in Europe, North and South America, the Middle East and the […]

2019-4-27 18:41


How to Mine Ethereum [2019] – Complete Guide on Ether [ETH] Mining

The mechanism that made Bitcoin a breakthrough technology is Proof-of-Work (PoW). The concept is basically a protocol for determining the validity of a transaction on the network via consensus. Introduced in the Bitcoin whitepaper, it allows people to send money or value to each other over the internet in a way that requires no middle […] How to Mine Ethereum [2019] – Complete Guide on Ether [ETH] Mining was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

2019-4-2 02:19


Did You Eat Your Bitcoin Wheaties Today? Here’s How Cryptocurrency Can Optimize The World

Cryptocurrency and blockchain technology have already had a big impact on the global economy and financial system. A few of the ways that the cryptocurrency has had an impact include reducing barriers to entry, mitigating the need for a middle man, promoting crowdfunding, cash replication, and providing users with an alternative to traditional money. Here […]

2019-4-1 20:04


Фото:

Lost Money Trading Cryptos This Year? Here’s How You Can Benefit at Tax Time

Last Thanksgiving, Bitcoin was in the middle of a bull run that would result in a record high of $19,511 just before Christmas. Now, Bitcoin is worth just $3,752. If you bought Bitcoin and other cryptos when their prices were high, there’s a silver lining around the gray state of crypto markets now: any losses […] Lost Money Trading Cryptos This Year? Here’s How You Can Benefit at Tax Time was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-12-21 22:52


дальше еще 62 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

The Sandbox partners with Nuqtah to boost Web3 adoption in Saudi Arabia

The Sandbox, Nuqtah and Sandsoft have partnered to promote Web3 and metaverse adoption in Saudi Arabia and MENA region. Nuqtah will list SAND land and avatars on its NFT marketplace. Web3 adoption in Saudi Arabia is set for a significant boost after metaverse firm The Sandbox and its partner, mobile-first game developer Sandsoft, inked a […] The post The Sandbox partners with Nuqtah to boost Web3 adoption in Saudi Arabia appeared first on CoinJournal.

Saudi Arabia’s NEOM partners with Animoca, eyes $50m deal

Animoca will develop web3 solutions and establish a hub in Saudi Arabia following the partnership with NEOM Investment Fund. Metaverse and blockchain gaming venture capital firm Animoca Brands has entered into a strategic partnership agreement with the NEOM Investment Fund,…

Saudi Central Bank To Experiment With CBDC

As the adoption of digital assets continues to grow widely, entities are following suit while aiming to use digital assets in their own way. In today’s news, the Saudi Central Bank (SAMA) unveiled its plan to experiment with central bank digital currency (CBDC) alongside local banks and fintech firms in a phase-by-phase project. According to […]