The CEO of NGN, a full-fledged systems integrator and IT consultant, has called to attract leading investors and entrepreneurs to develop a national plan to optimise the investment in Blockchain at the ongoing SmartSec summit in Bahrain.

Yaccob Al Awadhi cited the need for cooperation between public and private sectors, to support the growth and diversification of economy, as the central Bank of Bahrain (CBB) in partnership with Bahrain Economic Development Board (EDB) and other partners are cooperating to develop “FinTech” in Bahrain.

Al Awadhi assured the importance of keeping pace with Bahraini institutions for global development to use “Blockchain” technology, enabling registering transactions between users without the need for third parties.

He stressed the importance of harnessing this technology in the re-formulation of many concepts and transactions in various fields such as economy, energy, medical care, education, government services and banking.

“Blockchain is booming in digital economy, where business and logistic sectors are using this technology to deliver their products and follow-up with their clients. Blockchain is also used to enable the huge multiply of e-commerce worldwide” Al-Awadhi said.

Moreover, Al-Awadhi called for investing in the advantages of Blockchain technology in the implementation of national plans to diversify the national economy away from oil as the main source of income, noting that the amount of investments of technological and financial companies in this technology during the past year reached $ 1.4 billion.

“Nearly 90 per cent of global banks in Europe and banks in North America are exploring and investing Blockchain technology to reduce the cost of banking infrastructure by up to 30 per cent,” Al-Awadhi added.

He stressed the importance of supporting Bahraini initiatives aimed at identifying the latest international applications in advanced technical fields such as cybersecurity and Blockchain, and harnessing them to accelerate performance and raise the productivity and competitiveness of Bahraini public and private institutions.

Moreover, Al-Awadhi stressed the importance of developing cybersecurity for the current and future phases, based on international experiences and technical developments in various fields, providing secure electronic transactions, data protection, freedom and classification, which reflect positively on Bahrain's ranking in relevant international indicators.

NGN International is the diamond sponsor of SmartSec Conference, together with Kaspersky and Vectra. NGN is keen to support Bahraini initiatives aimed at identifying the latest international applications in the fields of advanced technology such as cybersecurity and Blockchain, and harnessing them to accelerate performance and increase productivity and competitiveness in Bahraini governmental and private institutions.

NGN will aim to provide Bahrain and Saudi Arabia enterprise customers with business solutions for complex information, computing, telecom, and engineering systems. In addition, the company provides consulting, implementation and support services with the focus on information and network security, virtual reality and 3D solutions, Internet of Things and Blockchain technologies, Building Information Modelling (BIM), IT infrastructure, and cloud services. – TradeArabia News Service