Staff Writer, The Saudi Gazette
JEDDAH — Blockchain is neither a company nor an application but is a new technology that will complement the Internet, according to Reham Baseddiq, Ateon’s marketing manager.
The BlockChain, as its name implies, is a series of interconnected blocks. Each block is a group of transactions; encrypted and represented by a hash; which is a long series of digits and letters. Each block contains its hash and the hash of the previous block. Therefore, forgery is impossible.
The Blockchain is a network of so called computing nodes. Together they create a powerful second-level network, a wholly different vision for how the internet can function. Every node is an “administrator” of the Blockchain, and joins the network voluntarily
By allowing digital information to be distributed but not copied, Blockchain technology created the backbone of a new type of internet. “The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Don & Alex Tapscott, authors Blockchain Revolution (2016)
The BlockChain, as its name implies, is a series of interconnected blocks. Each block is a group of transactions; encrypted and represented by a hash; which is a long series of digits and letters. Each block contains its hash and the hash of the previous block. Therefore, forgery is impossible.
The Blockchain is a network of so called computing nodes. Together they create a powerful second-level network, a wholly different vision for how the internet can function. Every node is an “administrator” of the Blockchain, and joins the network voluntarily
By allowing digital information to be distributed but not copied, Blockchain technology created the backbone of a new type of internet. “The Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Don & Alex Tapscott, authors Blockchain Revolution (2016)
“Not only is Blockchain disrupting the financial sector, but will completely reshape all businesses,” claimed Dr. Nabil Al Jamal, a real estate development pioneer and early investor in Blockchain companies in the region.
An interesting development in this space is that the United Arab Emirates and Saudi Arabia are joining forces to explore the possibility of creating a digital currency that will allow for cross border transactions. The countries realize that Blockchain has the potential to bring on a fundamental shift in the way business transactions are carried out in future
An interesting development in this space is that the United Arab Emirates and Saudi Arabia are joining forces to explore the possibility of creating a digital currency that will allow for cross border transactions. The countries realize that Blockchain has the potential to bring on a fundamental shift in the way business transactions are carried out in future
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