Blockchain and Cryptocurrency Technology in the Saudi Arabia

Recently, digital developments have led to revolutionary new technologies such as the Internet, smartphones, smart machines and digital currency, and have changed culture and concepts around the world. In both public and private sectors, sensitive information with the integrity of data should remain...

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Bibliographic Details
Published in:SN computer science 2023-05, Vol.4 (3), p.280, Article 280
Main Authors: Elhag, Salma, Alshehri, Sara Dirbi
Format: Article
Language:English
Subjects:
Algorithms
Blockchain
Climate change
Computer Imaging
Computer Science
Computer Systems Organization and Communication Networks
Cryptography
Currency
Cyber Security and Privacy in Communication Networks
Data Structures and Information Theory
Digital currencies
Financial inclusion
Hypotheses
Information Systems and Communication Service
Innovations
Manufacturing
New technology
Original Research
Pattern Recognition and Graphics
Questionnaires
Software Engineering/Programming and Operating Systems
Supply chain management
Vision
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Summary:Recently, digital developments have led to revolutionary new technologies such as the Internet, smartphones, smart machines and digital currency, and have changed culture and concepts around the world. In both public and private sectors, sensitive information with the integrity of data should remain safe and confidential and cannot be infringed upon, which constitutes the underlying principle of the new technology, blockchain. In this study, we explore the implications of the new blockchain technology and cryptocurrency in the Kingdom of Saudi Arabia. On the basis of this study, recommendations on future blockchain technology research directions in Saudi Arabia are also provided. This research covers the entire structure of the blockchain as well as the mechanics that make it work. The varieties of blockchain are also discussed in terms of some of the consensus algorithms used. Data was collected using 100 questionnaires which were distributed among employees and non-employees in the Kingdom of Saudi Arabia. After questionnaires analysis; our findings discussed several issues that answered research question; how can cryptocurrencies achieve trust and satisfaction between the participants and the organizations.
ISSN:2661-8907
2662-995X
2661-8907
DOI:10.1007/s42979-023-01731-2