Blockchain and Cryptocurrency Technology in the Saudi Arabia

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. © 2023, The Author(s), under exclusive licence to Springer Nature Singapore Pte Ltd.