Bahrain's Electricity and Water Minister said that the technology is particularly useful in safeguarding transactions from cyber threats
A senior Bahraini official has praised blockchain technology as “a true mark of progress” that local companies would be well advised to take advantage of, according to local media reports.
According to Bahrain’s Daily Tribune, Minister of Electricity and Water Affairs Dr. Abdulhussain Mirza – who is also a member of the Supreme Committee for Information and Communication Technology – said that the technology can be useful in combating cyber threats.
“Technologies such as blockchain take us a huge step forward in finding a secure way to facilitate transactions,” he 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.”
The Minister was speaking at the inauguration of the SmartSec Cyber Security and Blockchain Conference in Manama.
“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 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.”
In January, Bahrain’s Economic Development Board (EDB) and the Abu Dhabi Global Market (ADGM) signed a FinTech cooperation agreement, the first of its kind in the Middle East and North Africa region.
As part of the partnership, the two bodies said they would collaborate and exchange information on a number of trends, including blockchain and digital payments.