Bahrain Goes Big on Blockchain Saying True Progress For User Data Protection
Blockchain technology is one of the most innovative developments that the world has gained from cryptocurrency in the last ten years. However, since engineers have managed to separate the two components, many countries have adopted different use cases with blockchain technology, despite continued debate over crypto legislation.
Bahrain’s government has even commented about how necessary blockchain technology is for their own economy. Still, the News of Bahrain media outlet has reported the need to promote better cybersecurity.
At the SmartSec Cyber Security and Blockchain Conference 2018, the audience was treated to a speech by Adbdulhussain Mirza, who is the minister of electricity and water affairs. In his speech, some experts say that he implied the government’s intention to working with blockchain. Mirza said,
“Technologies such as blockchain take us a huge step forward in finding a secure way to facilitate transactions.” He also said, “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.”
Predominantly, Bahrain has not taken a public stance on the way that they intend to handle blockchain and cryptocurrency within their country. Nearby, Dubai has been much more technologically innovative, working to bring in blockchain, the Internet of Things (IoT), and artificial intelligence (AI) to their needs. That is what makes Mirza’s decision to speak on this topic so unique and rare, especially for Bahrain.
In June, there was a “sandbox” license secured in Bahrain for Palmex, which is a local cryptocurrency exchange. As a result of the agreement, the local government said that they will be watching the actions of Palmex, helping regulators to determine what laws need to be established and how it should be controlled. In the meantime, Mirza has been clear about the necessity of establishing greater safety measures for the public.
They have said,
“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.” They also added, “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.”