Blockchain in Kuwait's Banking and Supply Chain

Banking and Supply Chain, Blockchain in Kuwait.
Abstract
A block chain is one of the best finds in technology in the past decade. It is basically some form of database, upon which changes can be made, records added and edited, and shared with the authorized personnel in it. The fact that is only shared amongst the authorized personnel means that there is enough security around its operations. Block chain technology is quite important since it enables the authorized users to not only share but also integrate a lot of things into one functional unit. It is these smaller units adding into the one major one that are known as block chains , and ones that are now quite instrumental in pushing this kind of technology. The block chain technology is applicable in quite a number of operations, such as the supply chain and logistics, finance, and even warehouse management. Some countries have embraced it faster and more readily than others.
Kuwait being one of those that have hesitantly but surely picked it up, block chain technology continues being used extensively especially in the finance sector; with some banks in Kuwait regularly using it. There is still a lot of potential for the technology to be embraced even further in the country, given its great abundance of natural resources and an ever-booming energy sector. The country’s supply chain and banking sectors stand at a great precipice to reap from this technology, given that the rest of the world is already in the same race. In order to see the opportunity that the country stands to benefit from, it is crucial to break down how the technology works, and how it has worked in various areas of other economies, pinpointing the few bottlenecks that shareholders in the industry often experience and then analyzing how the supply chain and finance sectors in Kuwait can also reap from the same.
A Brief Background On the Technology
Ever since the advent of the information technology age, there have been great innovations and advancements in virtually every sector. Things have become increasingly automated and the results quite close, if not accurate enough. Today, virtually every financial transaction has become automated. There is a lot of effort placed upon the ability to not only run the processes, but also solve emerging problems within the supply chain or whichever industry. Through automation, a lot that was otherwise being done manually is now being handled by systems. Block chain came into existence around the same time as cryptocurrency was beginning to garner traction. After the financial crisis of 2008, new ways of handling financial transactions became the trend. People turned to technology for refuge, and that is how block chain technology started becoming a norm.
It then dawned on people that there was a lot that could be done using block chain. Tasks were made easier as everyone had his or her own ledgers upon which they could work independently before then coordinating or integrating with the larger system. Soon, countries around the world picked up the technology and implemented it in most of their sectors. The West picked up the technology faster compared to countries from the East, especially the Arab world. The biggest beneficiary of block chain technolog...