Blockchain is a peer-to-peer network that allows multiple parties to transfer value in a secure and transparent way. The technology allows us to create a system in which: no one can corrupt, sabotage or control the system; trust between participants is not necessary because it is embedded in the system itself; access to all relevant information is available to participants; and activity in the system is held to account through transparency.
The record of transactions on a blockchain is immutable, which means once a transaction is added, it cannot be altered or deleted. Moreover, the blockchain is maintained and validated by everyone who uses it, thus eliminating the need to trust a single central administrator. These features guarantee the integrity of the system. With a few thousand lines of code, users can download apps on their phones that allow them to effortlessly make transactions with anyone else – as easily as sending an email.
Read more about blockchain in the Middle East
- The Middle East could pioneer the use of blockchain, transforming the processes used by organisations in the region.
- The National Bank of Abu Dhabi is to use blockchain-based technology to offer cross-border payments service to its customers.
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