Although not many blockchain or DeFi projects have arisen from Saudi Arabia, the country has been partnering with many industry players and is working hard to develop homegrown trials in integrating the technology into their economy.
Saudi Arabia CBDC
The central bank of Saudi Arabia has launch the country’s first digital currency payment pilot using Ripple’s technology, according to a press release from the company. Saudi banks will be able to process quicker, easier, and more straightforward transactions with the Ripple service, claims Ripple.
Critical problems for the Electronic Health Records (EHR sector)
The first issue MedRec tackled was data fragmentation, which means that the patients’ data are stored in different places according to conventional methodologies, which means data coordination between them isn’t occurring. This fragmentation of information makes rekindling prior information challenging and adds to the risk of health issues, this is an additional concern that’s discussed by MedRec
Blockchain solution is passports
Saudi Arabian business executives proposed a business passport that permits companies to work their way into the global supply chain (GVC). The study noted “a GVC-recognized financial fingerprint of a given organization, allowing it to work within a GVCs without requiring duplication of information or having to go through a redundant validation process.” Like many other countries have learned, unnecessary and unnecessarily rigid regulation reduces both the level of business activity and in an environment of legal uncertainty, causing, at best, the dispersal of initiative, or, at worst, complexity for companies.
Blockchain in credit demands
Blockchain technology was declared to be used for monetary transactions by the Saudi Arabian Monetary Authority (‘SAMA’) on June 8th, 2020, when it was deployed with the Saudi banks. especially, it outlined that SAMA’s activities were focused on helping the industry’s abilities to better serve credit demand. They also said that it was one of the banks that was in the forefront of implementing new technologies for Fintech by doing things like collaborating on the Fintech Project with the Capital Market Authority, setting up a regulatory sandbox, and offering digital banking and payments solutions.