Saudi Telecom, ConsenSys Partner To Bring Blockchain To Saudi Businesses

Announcements, Blockchain | April 24, 2018 By:

Saudi Telecom Company (STC) has partnered with blockchain firm ConsenSys to bring the technology to various industry verticals across the country.

Saudi Telecom Company, together with its subsidiaries, provides telecommunications, information, and media services in the Kingdom of Saudi Arabia and internationally. The company is also involved in the operation of communications projects, transmission and processing of information, and provision of mobile, international telecommunications, broadband, and other related services.

Founded by Joseph Lubin, ConsenSys is developing a variety of applications which operate on the global distributed computing platform. Its focus is on facilitating the empowerment of people and enabling decentralized governance through the development of software tools that devolve power from the traditional “command and control hierarchies inappropriate for a networked world.”

In a Memorandum of Understanding (MOU) signed last week, STC and ConsenSys agreed to work together to design and build out blockchain technology in a range of government and private sectors including banking, healthcare, real estate, and oil and gas.

Lina Hedia, the executive director of ConsenSys MENA, said that the partnership not only marks ConsenSys’ official entry into the kingdom, but is evidence of their commitment to helping build next-generation nations using blockchain technologies.

“We are looking to really immerse ourselves in the kingdom’s transformation agenda making a significant impact on both the economic and social infrastructure,” Hedia said.

Riyadh S. Muawad, Vice President of Key Accounts at STC Business, said that the company’s goal is to be a leader in establishing blockchain ecosystems based on “open standards.” STC is aiming to tailor the blockchain business applications it builds for various industry verticals, helping them to accelerate adoption in a seamless manner.

“STC is always looking to bring in the best-of-breed technology to leverage the global alliances and experiences to enrich innovation,” Muawad said. “Blockchain platforms are in a rapid evolution phase, whereas Ethereum blockchain technology is based on open standards and has an industry wide adoption. Presently our focus is on use cases which are more relevant for blockchain applications, employing the core principle of a trusted distributed ledger.”