Does the Blockchain tech threaten the future of banks?

Unlock Blockchain Forum took place on January 14^th-15^th 2018 at the Ritz-Carlton, DIFC, Dubai, and gathered more than 50 prominent expert speakers such as Ramez Dandan, National Technology Officer, Microsoft Gulf.

CNN Arabic met with Dandan during Unlock, and inquired about whether banks perceive the Blockchain technology, provider of digital currencies negatively.

Dandan stated “The biggest banks in the world gathered and made their own Blockchain, that is tailored to their needs. So, on the contrary, banks are introducing us to Blockchain applications that are outside the scope of digital currencies and bitcoin, which are subject to controversy between Central Banks, governments, banks and investors. Outside this scope, there is another world for possible applications of the Blockchain technology."

When asked about the relationship between cloud computing and the Blockchain, Dandan said “Microsoft Azure is cloud computing that covers the world. We currently have 54 sites world-wide that are Microsfot Data Centers for Azure, and they are all interconnected to form one entity.

Cloud computing and Blockchain are very close, because you need a big number of servers, an international network and speed when it comes to application, given that we are still at an experimental era of the Blockchain.

Cloud computing enables us to experiment in a fast manner and to change the course of things."

Commenting on Amazon’s announcement concerning data centers in Bahrain, Ramez Dandan expressed “Microsoft, Amazon and Google are the biggest providers of cloud computing in the world, and our strategy is to cover the entire world. This is only a matter of time.”