What is blockchain, and why do the UAE and Saudi Arabia want to use it?

Last week, the UAE’s central bank announced it was working on a joint cryptocurrency, based on blockchain, with its counterpart in Saudi Arabia

Dubai: Since beginning its dramatic rise in value over a year ago, many commentators have pronounced bitcoin dead, saying instead that the true value of the polarising digital currency was to be found in its underlying technology, blockchain.

Cryptocurrency experts disagree, however, saying this analysis is too simplistic.

Whatever the true worth of bitcoin, in recent years it has been blockchain technology that has seen the overwhelming majority of investment from banks, governments, and large companies.

But what is blockchain, and why does everyone want to use it?

Essentially, a blockchain is like a record that is accessible to anyone; a ledger that registers every single transaction.

It can be used for a number of different things, including hospital records, financial transactions, and government data.

It is not controlled by anyone: There is no central authority such as a government or bank. Instead, everyone who uses it contributes to it in some small way.

Supporters say this kind of structure makes it more efficient and fair.

 

Source: What is blockchain, and why do the UAE and Saudi Arabia want to use it?

Advertisements

PRESIDENT TRUMP, KING SALMAN, PRESIDENT PUTIN AND 1,700 FROZEN SAUDI DOMESTIC BANK ACCOUNTS… WHAT COULD THIS ALL MEAN?

1,700 domestic bank accounts frozen as a result of the Saudi purge! From Saudi Princes, businessmen, executives to lower level managers and officials – an EPIC CRACKDOWN on the Saudi house of Cards has the world’s eyes watching, even though main stream media would rather talk about who’s running for president in 2020. And why […]

via PRESIDENT TRUMP, KING SALMAN, PRESIDENT PUTIN AND 1,700 FROZEN SAUDI DOMESTIC BANK ACCOUNTS… WHAT COULD THIS ALL MEAN? — THE MARSHALL REPORT

 

Saudi-led strikes hit defence ministry in Yemen capital: witnesses


SANAA: The Saudi-led coalition carried out two air strikes on the defence ministry in Yemen’s rebel-held capital Sanaa late Friday, witnesses and rebel media said, without reporting casualties.Warplanes continued to circle in the skies above Sanaa after the strikes, the witnesses added.The Huthi rebel media outlet Al-Masirah also reported the two air strikes.The coalition has targeted the defence ministry in the past, leaving it heavily damaged, but the fresh strikes come amid a ratcheting up of tensions between Saudi Arabia and its rival Iran, which backs the Huthi rebels.

Source: Saudi-led strikes hit defence ministry in Yemen capital: witnesses

Saudi Purge Goes Nuclear: Over 1,200 Bank Accounts Frozen


Saudi Arabia took its “money laundering” crackdown to the next level on Tuesday when Saudi banks reportedly froze more than 1,200 accounts belonging to individuals and companies in the kingdom as part of the government’s countercoup “anti-corruption purge.”

Source: Saudi Purge Goes Nuclear: Over 1,200 Bank Accounts Frozen