While Dubai’s neighboring country, Bahrain, has not been particularly vocal regarding its stance on cryptocurrencies and blockchain technology, this recently changed when a government representative called blockchain a “true mark of progress” at the SmartSec Cyber Security and Blockchain Conference 2018.
According to a report of local media outlet News of Bahrain, Abdulhussain Mirza, Bahrain’s Minister of Electricity and Water Affairs, was keen to point out the importance of blockchain technology for the country’s future economy.
Blockchain, an imperative technology for the future of Bahrain’s economy
The minister said that “Technologies such as blockchain take us a huge step forward in finding a secure way to facilitate transactions.” He then added: “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 cybersecurity.”
Mirza was also keen to point out that taking into consideration the remarkable advancements of blockchain tech in recent years, Bahraini talents should familiarize themselves with it. The same goes for the Bahraini companies which, according to the minister, should make the most of this innovative technology.
“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,” he declared.
Blockchain and cybersecurity
The government’s representative has also discussed the security advantages that blockchain technology brings. He mentioned that the threat of international global cyber-attacks must not be underestimated.
“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,” he also declared.
“These global cyber-attacks affected more than 60 countries including Bahrain last year, and the Central Bank of Bahrain recently issued a warning to banks and financial institutions of orchestrated attacks planned at ATMs around the world,” the minister went on to further state.