Saudi Arabia's Ministry of Communications and Information Technology (MCIT) recently held a joint "blockchain bootcamp" with cryptocurrency development studio ConsenSys as part of the kingdom's program to support technological development. According to the ministry, the bootcamp is part of the ministerial program to train national personnel to develop future crypto technologies.
A recent three-day bootcamp introduced participants to the functionality of blockchain technology from a business and strategic perspective, as well as its features and applications. Technologists from several companies took an in-depth course on developing decentralized applications (dApps) using Ethereum smart contracts and learned how to integrate them into web applications.
Minister of Technology Industry and Digital Empowerment Dr. Ahmed Al Thunayan said that the bootcamp was held as part of MCIT 2020's plan to build a digital environment that will attract talent and give impetus to the development of information and communications technology (ICT), which will have a positive impact on the economic well-being of the kingdom. He also pointed out that investments in national human resources will ensure further development of business and entrepreneurship.
According to him, modern technologies such as AI, IoT, blockchain, etc. are the foundation of industrial progress and GDP growth.
“This bootcamp is a manifestation of the ministry's desire to enable technology-interested youth in Saudi Arabia to learn more about the key benefits of blockchain technology and its mechanism, and to properly apply it in the business field,” said Lina Hedi, Executive Director of ConsenSys MENA. “The goal of this workshop is to tap into Saudi Arabia's untapped talent pool, equipping them with an understanding of the current and future potential of distributed ledger technology.”
The Saudi Arabian government has already held several events demonstrating its commitment to blockchain. This bootcamp was the most recent of them. Shortly before this, Ripple signed a partnership with the de facto central bank of Saudi Arabia to launch cross-border blockchain payments among national banks in the region.
The Saudi Arabian Monetary Authority, the central bank of the Kingdom of Saudi Arabia, entered into an agreement with Ripple, and now regional participating banks will use the Ripple exchange system to conduct “instant” international transactions.. Banks will use xCurrent, with enterprise software that tracks payments and provides instant settlements around the world. The Ripple network more than 100 financial institutions - banks, payment systems, etc.
The central banks of Saudi Arabia and the UAE are also working together on new technologies to enable cross-border transactions between the two countries. Central bank cryptocurrencies will not be available to retail consumers. Instead, digital tokens will be issued and exchanged between the monetary authorities and commercial banks of the two countries.
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According to https://www.ccn.com
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