Bahrain Minister of Electricity and Water Affairs, Dr. Abdulhussain Mirza, urged local companies to take advantage of blockchain.
Speaking at the SmartSec Cyber Security and Blockchain Conference 2018, Mirza said that the distributed ledger technology (DLT) has become an important achievement. He expressed confidence that blockchain is one of the most reliable ways to carry out transactions.
"Blockchain’s ability to protect user’s data is a true mark of progress, because it can be applied in different companies from different industries including cybersecurity,” he said.
The Minister paid special attention to cybersecurity issues. According to Mirza, it is an integral part of modern life. He noted that the threat of cyberattacks should not be taken lightly, because they have already affected many countries.
Mirza's speech indicates that the government of Bahrain may take steps to develop blockchain in the country. The state has already issued a license to create a sandbox and digital exchange Palmex, funded by ArabianChain Technology.
WHY IS IT IMPORTANT?
- The Government of Bahrain has not previously expressed its position on blockchain and cryptocurrency. Other eastern states, for example, Dubai use DLT in a variety of areas and create the most comfortable environment for innovative projects.
- The Minister focused on cybersecurity specifically. Recently, the Central Bank of the country issued a warning to financial institutions about the possibility of organized attacks planned around the world.