Blockchain technology is a decentralized, distributed ledger system that securely records and shares information across a network. It stores data in "blocks" that are linked together chronologically and are extremely difficult to alter once recorded, ensuring transparency and immutability. This technology gained prominence with the introduction of Bitcoin in 2008. Globally, blockchain is trending due to its ability to facilitate secure and efficient transactions without the need for intermediaries like banks, which can reduce costs and boost efficiency. It has diverse applications beyond cryptocurrencies, including tracking physical assets, managing health records, and streamlining supply chains. In Saudi Arabia, it is a significant trending concept, with strong government backing through Vision 2030, actively experimented with by SAMA for money transfers, and seeing rapid growth in its fintech sector.
