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Blockchain and Cryptocurrency Technology in the Saudi Arabia

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Abstract

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.

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Author information

Authors and Affiliations

  1. King Abdulaziz University, Jeddah, Saudi Arabia

    Salma Elhag & Sara Dirbi Alshehri

Authors
  1. Salma Elhag
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  2. Sara Dirbi Alshehri
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Corresponding author

Correspondence to Salma Elhag.

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On behalf of all authors, the corresponding author states that there is no conflict of interest.

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This article is part of the topical collection “Cyber Security and Privacy in Communication Networks” guest edited by Rajiv Misra, R K Shyamsunder, Alexiei Dingli, Natalie Denk, Omer Rana, Alexander Pfeiffer, Ashok Patel and Nishtha Kesswani.

Appendix A

Appendix A

Questionnaire for Non Companies-Employees’ People

Blockchain and Cryptocurrency in KSA

Thank you to give us part of your precious time to answer this questionnaire, which serves master's thesis for cyber security student. The goal of this study is to measure Saudi society's acceptance of the development that blockchain technology will bring. and Is it possible to use cryptocurrency in the future.

What is your gender?

  • Female

  • Male

What is your age?

  • 13 or younger

  • 14–17

  • 18–20

  • 21–29

  • 30–39

  • 40–49

  • 50–59

  • 60 or older

How familiar are you with cryptocurrencies? (ie. Bitcoin).

  • I follow the market on a regular basis and understand how it works.

  • Heard of it and did a lot of research

  • Heard of it and did a little research

  • Heard of it

  • Never heard of it

Rate your current knowledge on the topic of blockchain.

  • Do Not Understand

  • 2

  • 3

  • 4

  • Understand Completely

What are some concerns that come to mind when thinking about the adoption of blockchain technologies?

Do you think that blockchain can help improve the future?

  • A great deal

  • A lot

  • A moderate amount

  • A little

  • None at all

  • I don't know

Are you willing to adopt blockchain technology to your everyday life, if not say why?

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

Questionnaire for Companies Employees

Blockchain and Cryptocurrency in KSA (Survey for Companies/ Employer)

Thank you to give us part of your precious time to answer this questionnaire, which serves master's thesis for cyber security student. The goal of this study is to measure Saudi society's acceptance of the development that blockchain technology will bring. and Is it possible to use cryptocurrency in the future.

Depending on the size of your company, you may want to respond to the questions in this survey for the whole enterprise or for a specific division. To which of the following will your answers apply?

  • My department

  • The entire company

  • A division

  • I work for a consulting firm and I am responding for my firm.

  • I work for a consulting firm and I am responding for my current client.

  • Other………………..

Is your organization currently implementing—or does it plan to implement—Blockchain technology?

  • Yes, we are currently implementing Blockchain technology.

  • Yes, we plan to implement Blockchain technology within the next 12 months.

  • No, but we are seriously investigating the possibility of implementing Blockchain technology.

  • No, and we have no plans in the foreseeable future for using Blockchain technology.

  • Don't know

  • Other………………..

To what extent is your organization currently using Blockchain technology?

  • We are currently experimenting with Blockchains (i.e., to validate the potential of Blockchain solutions, evaluate use cases, etc.).

  • We are developing prototype applications.

  • We now have Blockchain applications in production.

  • We expect to have Blockchain applications in production within the next 12–24 months.

  • Don't know

Has your organization established a dedicated group to support a Blockchain initiative?

  • Yes, we have a dedicated Blockchain group/initiative.

  • No, but we plan to establish a dedicated Blockchain group to support our initiative within the next 12 months.

  • No, but we are seriously considering establishing a dedicated Blockchain group in the foreseeable future.

  • No, and we have no plans anytime in the foreseeable future to establish a dedicated Blockchain group/initiative.

  • Don't know

Has your organization developed a budget for its Blockchain efforts? *

  • Yes

  • No

  • Don't know

What benefits specific to your organization/industry do you hope to obtain from using Blockchains? (Please select all that apply.)

  • Improved business efficiency

  • Identifying new ways of automating business processes among partners

  • Better transaction integrity and visibility

  • Increased transaction speed

  • Better data protection provided by Blockchain's ability to eliminate points of failure in business networks

  • Lower transaction cost

  • Stronger working relationship with partners (via better collaboration, etc.)

  • Enabling new business models (e.g., in contract management, financial transaction management, identity management, etc.)

  • Time savings (i.e., reducing time required for settling disputes, finding information, and verifying a transaction, leading to quicker settlement and deliveries, etc.)

  • Reduction of risks (i.e., by eliminating the risk of collusion, tampering, and unintentional leakage of information, etc.)

  • Don't know

  • Other………………..

Do you think that Blockchain technology will dramatically disrupt the industry or line of business that your company or organization operates in?

  • Yes

  • Maybe

  • No

  • Too early to tell

  • Don't know

  • Other………………..

In which industries and domains do you see Blockchains having the most significant impact? (Please select all that apply.)

  • Banking

  • Digital rights management

  • Finance and Accounting

  • Government

  • Healthcare

  • Insurance

  • IoT – Internet of Things

  • Legal

  • Manufacturing

  • Media and Entertainment

  • Retail

  • Supply chain and Logistics

  • Trade

  • Don't know

  • Other………………..

Which use cases do you see as most viable for applying Blockchains? (Please select all that apply.)

  • Asset management

  • Contract management (e.g., “smart contracts”, etc.)

  • Customer engagement

  • Customer verification

  • Dispute resolution

  • Financial transaction management

  • Procurement

  • Regulatory compliance

  • Risk management

  • Security

  • Don't know

  • Other………………..

Which of the following titles best fits your job description?

  • CEO

  • CFO

  • CIO

  • CTO

  • SVP or EVP Strategy

  • IS/IT Management

  • Senior Management/Policymaking

  • Project Management

  • Software Engineering/Programming

  • Planning/Development

  • QA Management

  • Auditing

  • Consulting

  • Marketing/Sales

  • Engineering/R&D

  • Operations

  • Other………………..

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Elhag, S., Alshehri, S.D. Blockchain and Cryptocurrency Technology in the Saudi Arabia. SN COMPUT. SCI. 4, 280 (2023). https://doi.org/10.1007/s42979-023-01731-2

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