• World Islamic Banking Conference
Going the blockchain way

Going the blockchain way

Manama : Bahrain is studying the possibility of implementing blockchain technology in various sectors, said a top IGA official. This, according to Mohamed Ali AlQaed, the Information eGovernment Authority (iGA) Chief, will help save the government tens of thousands of dinars. Blockchain which has been touted as a revolutionary technology has been defined as “a type of distributed ledger for maintaining a permanent and tamper-proof record of transactional data” In Bahrain, according to AlQaed, plans are on the anvil to introduce a blockchain-based system for vehicle registration. The banking industry is also studying areas where blockchain can be used. Bahrain, AlQaed said, is looking to implement the right ecosystem for blockchain to thrive. 

“The banking sector, via CBB, has announced that they are exploring various options and solutions. I think Benefit is trying to collaborate with them to identify potential areas,” he said. The technology, he said, will not be implemented for the hype surrounding it at the moment. 

“The most important thing is that it should solve a real issue. In Bahrain, we do not have the luxury of using a technology just for the sake of boasting that we use it. It should be able to solve a real issue. There are priorities that we have set in place to promote efficiency and cost saving. We need to properly manage our resources.”

IGA, he said, had to reject many ideas as they were not cost-efficient, “We look for efficiency in not only financial expenditure but also where our efforts are exerted. Where we will implement blockchain will depend on the issues it will solve.” AlQaed said the authority has been approached by many with ideas and solutions. “However, we didn’t feel that those ideas solved real issues or promoted efficiency.”




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