BLOCKCHAIN TECHNOLOGY AND ITS APPLICATIONS IN SAUDI ARABIA: AN ANALYTICAL STUDY

Abstract

Blockchain is a decentralized digital registry technology that imparts high security to record transactions by sharing the information in several computers across the globe and making it unchangeable and trusted through consensus. Initially created to resolve the issue of double-spending with digital currencies such as Bitcoin, blockchain currently finds applications beyond the financial industry to improve transparency, security, and efficiency in a wide range of industries. The paper examines the conceptual background of blockchain, its implementation and the application in Saudi Arabia, particularly in the realms of finance, healthcare, supply chain, government, and education in line with Saudi Vision 2030.Although the global community grows, blockchain adoption in Saudi Arabia is still very young with industry-specific applications in Islamic finance, electronic payments, electronic health records, and academic authentication, yet no widespread cross-sector frameworks and comprehensive policies. The paper notes that the number of blockchain businesses in Saudi Arabia is growing substantially due to government efforts and regulatory changes, as well as market valuation and adoption of other new technologies such as AI and IoT. It highlights the transformational potential of blockchain to grow the digital economy and smart city building and the importance of considering the technical, legal, and organizational barriers.It would be recommended to further develop field research on adoption, investigate synergies between blockchain and AI, and compare the progress of Saudi Arabia with its counterparts in the Gulf to inform policies and broad blockchain strategies that facilitate sustainable national digital transformation.