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  • Fri, May 11, 2018 Saudi Arabia Partners with Partners to Launch Blockchain Training Camp

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    Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) and digital currency development company ConsenSy have launched a “blockchain training camp” that will serve as a part of Saudi Arabia’s technological development.

    According to the introduction of the communication and information technology department, this “blockchain training camp” will become the main training camp for the Ministry of Education to train future technicians or technical cadres.

    The recently held three-day training camp proposed the task of asking participants to elaborate on the operation of blockchain technology from the perspectives of business strategy and application functions. Some company technicians also received training on how to create a development environment and use decentralized applications (dApp) based on Ethereum. The main purpose of the training was to enable technicians to use dApps with the web. The application is integrated together.

    The

    National Action Plan

    Dr. Ahmed Al-Thenayyan, Deputy Minister of the Ministry of Technology, Industry and Digital Power, said that the establishment of the training camp is expected to achieve the goal of the “MCIT 2020 Action Plan” - to establish a digital environment to attract, incubate and develop information and communication technologies. It can ultimately promote the economic development of a country. Dr. Ahmed Al-Thenayyan also pointed out that the future national leaders we invested in will be the promoters of ensuring sustainable development and sustainable entrepreneurship.

    Dr. Ahmed Al-Thenayyan continued to explain that modern technologies such as artificial intelligence, Internet of things, and blockchain are the “pillars” of a country, and these technologies will promote the rapid development of GDP and contribute to the realization of Industry 4.0.

    Dr. Ahmed Al-Thenayyan further pointed out that in a competitive global environment, a new business model and a new type of implementation mechanism are required. We should now shift our focus from assets and expertise to modern technologies such as “new oil (ie big data)” and artificial intelligence.

    According to Lina Hediah, Executive Director of ConsenSys MENA, “From the guidance exercises to the coding, etc., the establishment of the “blockchain training camp” is also in response to the plan of the Ministry of Culture of Saudi Arabia, which is to make Saudi’s young technicians better. Understand the mechanisms and advantages of blockchain technology, and at the same time inspire young technical personnel to apply blockchain technology in a responsible way, so that companies can also see the enormous potential of the technology."

    “As we all know, Saudi Arabia has a wealth of untapped human resources, so we set up our goal at the seminar based on this national situation: while enhancing the insight of Saudi Arabian technicians, we also spread more about the blockchain to them. Knowledge that will give them a better understanding of the power of blockchain and the potential of blockchain-based applications in the present and in the future.”

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    Continuous cooperation

    The "blockchain training camp" is also the main venue for the Saudi Arabian government to establish a series of partnerships. Its main purpose is to work together with the industry's technical personnel to jointly strengthen the country's blockchain technology.

    Recently, Ripple and Saudi Arabia have signed a cooperation agreement. The outline of the agreement is that Ripple can pilot the application of real-time cross-border payment based on blockchain technology in Saudi Arabian domestic banks.

    The Saudi Arabian Monetary Authority (SAMA) and the central bank for the Kingdom of Saudi Arabia (KSA) have reached an agreement with Ripple to jointly launch a comprehensive blockchain pilot project. The pilot project is to allow regional banks to use the "real-time" cross-border payment application developed by Ripple Enterprise based on blockchain technology.

    xCurrent is an enterprise blockchain software developed by Ripple that can track payments and real-time settlements worldwide. Banks within pilot projects will be able to trade on the xCurrent software platform. The first KSA to launch a pilot project will find itself linking to more than 100 financial institutions (such as banks, payment providers, or more financial institutions) through an enterprise blockchain network developed by Ripple.

    The Central Bank of Saudi Arabia and the United Arab Emirates (UAE) are jointly developing a digital currency that is mainly used to support cross-border transactions between the two countries. The digital currency of the Central Bank will not be used by retail consumers. These digital tokens will only be issued and exchanged between the central monetary authorities of the two countries and some commercial banks of the two countries.