The government of Bahrain has highlighted that blockchain technology could be critical when it comes to improving the financial standpoint of the country.
Local news sources suggest that Bahrain is investigating how blockchain could fulfil a number of roles within the economic sector, as well as considering the use of the technology for cyber-security methods.
Dr Abdulhussian Mirza, the Bahraini Minister of Electricity and Water Affairs, who is also a member of the Supreme Committee for Information and Communication Technology, said that blockchain is a “key component” when it comes to making important technological advancements in the country. He further added that companies from Bahrain should look to “explore” the technology and familiarise themselves with its workings.
Speaking as an attendee of the SmartSec Cyber Security/Blockchain Conference this year, Dr Mirza added that technologies like Blockchain are a “huge step forward” for countries like Bahrain in terms of finding secure ways to facilitate transactions. He also said that blockchain’s ability to “protect a user’s data” could be seen as a true mark of progress, particularly when it can be applied across a variety of companies in a number of different industries.
Dr Mirza then continued to highlight the importance of security issues in digital business and urged companies to look at innovating to resolve the current digital safety issues faced in Bahrain.
Prior to this, Bahrain had never taken a standpoint one way or the other on blockchain technology. However, its neighbour, Dubai, has explicitly looked at blockchain to solve several legal matters, leading some experts to speculate that Bahrain may be following suit – particularly with comments made by Dr Mirza regarding the questions raised regarding information security, particularly when Bahraini citizens begin to conduct more of their business digitally.
This points towards Bahrain becoming increasingly aware of a need to make digital technology work efficiently and safely while being immune against cyber attacks.