Can the Saudi Kingdom Move with the Times in a Blockchain World?

After Saudi Arabia’s first blockchain meeting, Translating Blockchain KSA 2018, the country is showing signs of incorporating new technologies to diminish the relevance of oil production.

Since 1938, the Kingdom has since become the world’s largest oil producer and exporter, controlling the world’s second-largest oil reserves with the sixth-largest gas reserves and is the only Arab country in the G20.

Also, the country still struggles with bridging the gap between history and modernity, having been projected into wealth by the discovery of oil before the Second World War. The kingdom has drawn criticism from advanced economies over various civil and social rights issues, which it intends to be based under religious laws under the absolute rule of the Saudi royal family.

This is sometimes a huge contradiction coming from a society which would rather present a more advanced and contemporary image. Saudi’s Vision 2030 is key to this change as outlined by Prince Mohammed bin Salman bin Abdulaziz:

“The second pillar of our vision is our determination to become a global investment powerhouse. Our nation holds strong investment capabilities, which we will harness to stimulate our economy and diversify our revenues… Our country is rich in its natural resources. We are not dependent solely on oil for our energy needs… our real wealth lies in the ambition of our people and the potential of our younger generation.”

In keeping with the new Saudi direction and this new image as proposed by Saudi Vision 2030, blockchain has been seen as a pivotal technology. This has resulted in the Riyadh Municipality partnering with IMB this year to strengthen blockchain in order to streamline government services and transactions. Computerized reasoning, IoT, and blockchain are fast becoming a priority in a country which wants to advance its economy and its technological footprint, while also moving away from its reliance on oil by cultivating new business models.

Takreem El Tohamy General Manager, IBM MEA has indicated that the city of Riyadh, the Saudi capital, is already planning to incorporate DLT as a means to enhance and digitalize its current record keeping through working with computerized arrangements supplier Elm.

 

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