The Ministry of communications and information technology Saudi Arabia in partnership with blockchain startup ConsenSys organized blockchain Bootcamp — “boot camp” that will help create in the state of personnel reserve in the field of “technologies of the future.”

The initiative is being implemented in the framework of measures to support technological development of the state and has already been tested: the recently completed work of the first such Bootcamp. For three days the participants got acquainted with the technology from a strategic perspective and a business perspective, they demonstrated the apps and their functionality. Specialists from several companies have passed an in-depth training in creating a development environment, decentralized applications, smart contracts, Ethereum, and their integration with web applications.

As noted by the Deputy Minister for industry, technology and digital opportunities Dr. Ahmed al-Thenian (Dr. Ahmed Al-Thenayyan), the creation of the blockchain Bootcamp meets the objectives of the Department plan to 2020 to build a digital environment that will attract the workforce of the future and develop the necessary skills, speaking in an incubator. He also said that investing in national capacity and personnel factors to ensure further development of the state and promote entrepreneurship.

According to him, modern technologies such as artificial intelligence, Internet of things, blockchain, and so forth are the components of progress, which make contribution to the development of Industry 4.0 and contribute to GDP growth.

Al-Thenayan also pointed out that under the new rules of global competitiveness and moving from a system in which all attention is focused on assets that would require a completely different business model and a new mechanism for its implementation: it is about creating expertise, based on “the new oil” — big data and modern technologies such as artificial intelligence.

“This Bootcamp has appeared in response to the desire of the Ministry to help Saudi youth get to know the key benefits of blockchain technology and its mechanism, as well as to adapt it to make the business more profitable. The purpose of this workshop is to harness the unrealized human potential of Saudi Arabia, to arm personnel with knowledge and understanding of the fact that they became aware of the possibilities of the blockchain, as well as current and future potential of its application,” said Lina, Hadia (Lina Hediah), Executive Director, ConsenSys.

We will remind, in February it became known about the partnership of the Central Bank of Saudi Arabia with Ripple, under which local banks are tested instant cross-border payments in the blockchain via Ripple xCurrent. Probably, among other things, this will determine the ability of Saudi Arabia to work with financial institutions included in the network RippleNet, namely banks, payments providers and other financial institutions, of which there are more than a hundred.

Furthermore, currently the Central banks of Saudi Arabia and the United Arab Emirates are working on a joint project to create a cryptocurrency for cross-border transactions between the two countries. As expected, the cryptocurrency, Central banks will not be available for consumers in the retail system. Digital tokens will be used by the monetary authorities and a number of commercial banks of the two States for the implementation of efficient transactions and exchange based on the blockchain.