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Blockchain Technology in Palestine: A Study of the Palestine Exchange

Date: March 10, 2022

In a groundbreaking study, researchers have shed light on the adoption of blockchain technology by the Palestine Exchange (PEX). The study, conducted by Vanderstoep and Johnston in 2009, reveals the motivations behind PEX’s decision to implement blockchain technology.

Challenges Driving Adoption

According to the findings, security concerns, lack of consumer confidence, and high levels of bureaucracy were key factors driving PEX’s adoption of blockchain. Specifically, researchers identified three major challenges:

Forgery: The need for a secure method to prevent fraudulent transactions
Lack of Confidence: The need for increased transparency and trust in the system
Data Recording: The need for an efficient and accurate way to record data

How Blockchain Technology Addresses These Challenges

PEX has turned to blockchain technology, which offers a decentralized, peer-to-peer network that records and preserves data without the need for a third-party intermediary. This technology’s immutability feature ensures that transactions cannot be altered once processed, eliminating the possibility of fraud.

The study highlights the benefits of blockchain technology in enhancing transparency, reducing the risk of manipulation, and increasing investor trust in the PEX system. Researchers propose that the decentralized approach to recording and saving data eliminates “asymmetric information” and promotes a more inclusive and open system.

Expert Insights

Hanan Tubaileh: “Blockchain is a network of computers with decentralized system management and authorization.”
Mohammad Abu Baker: “The current system does not suffer from forgery, but it needs to be constantly updated.”
Nadia Massoud: “Blockchain will enhance transparency and reduce the risk of manipulation.”

Contact Information

Hanan Tubaileh, Researcher htubaileh@peexchange.com

Source

Vanderstoep and Johnston (2009). “The Adoption of Blockchain Technology by the Palestine Exchange.”