As the world steadily progresses towards a more mainstream definition of blockchain, the United Arab Emirates (UAE) are leading the charge. It can be seen by letting Blocko, a South Korean blockchain provider, within its borders.
Blocko, a blockchain provider backed by the electronics giant, Samsung, had already established a pretty sturdy base before this move. Having a presence in South Korea, Hong Kong, and the UK, Blocko has already created 38 full-scale blockchain solutions for names like Samsung, Hyundai, and Cisco. Unsurprisingly, they had gathered together a staggering $16 million in funds via two Series B funding rounds last year. Among their many backers, they tote names like Shinhan, South Korea’s oldest bank, KEB Hana Bank, LB Investment, and Dadam Investment.
With its success, Blocko plans on expanding further, and the UAE is in their sight. They launched within the UAE with a partnership of the SEED Group, a part of Sheikh Saeed bin Ahmed Al Maktoum’s Private Office. They plan on launching their Aergo platform within the UAE.
Blocko’s co-CEO and Aeuro’s CEO, Phil Zamani, explained that they had launched Aergo to respond to the rising need to share data between various industries. Things like the great Internet of Things, identity verification, and everyday old document management were a key focus. It just so happens that the UAE was looking for that exact thing, wrapped up in a practical package.
Zamani continued by stating that they’re expanding the Aergo platform towards the Middle-East, trying to find the success they found within Asia. He explained that Aergo is a hybrid blockchain. While many blockchain technologies within the Middle-East is only on the proof-of-concept phase, Aergo breaks that barrier. It provides better security, value, scalability, and efficiency.
Hisham Al Gurg, CEO of the SEED Group, stated that not just the UAE, but the Middle East as a whole are on the search for advanced blockchain solutions. Specifically, for things like digital services and government solutions. He explained that SEED partnered with Blocko and Aergo to try and provide for the increasing need for companies to operate at the highest possible level of security and scale.
UAE Goes Blockchain
Back in April 2018, the UAE’s Government a new project by the name of the Emirates Blockchain Strategy 2021. The rather straightforward named project entails moving a full 50% of all the UAE’s government transactions into a blockchain platform.
In doing this, the UAE plans on saving a staggering $3 billion in transaction fees and document production. As well as the funds, a whopping 398 million printed documents will be saved, and 77 million work hours will be spared.
In an amusing twist, blockchains aren’t only helping the business sector be more efficient; it’s assisting nature by reducing trees being cut down.