- Giant Blockchain Technology Company Moves In On The UAE Tech Space
- Proposed Efficiency Of Blockchain Technology
The spread and acceptance of blockchain technology is going way faster than imagined even with the criticism associated with its brother technology, cryptocurrency. The Middle East looks like the next destination for a Blockchain technology experience as Blocko, blockchaintechnology system setup company, is set to enter the UAE tech space and give it a Blockchain makeover. The move is going to provide a full-fledged blockchain enterprise solutions for individuals, businesses and the government.
Funding For Blocko’s Project in the UAE
Before the UAE launch, Blocko organized a two-round funding session in August raising a total of $16.5 million majorly from banking and investment giants like Shinhan which is the oldest bank in Korea, Dadam Investment, KEB Hana Bank and LB Investment which is a private equity firm. Blocko is preparing to make a Middle East entrance with its Aergo platform setup and trying to recreate the experiences and success achieved across Europe and Asia.
Blocko further moved to deepen its presence in the middle east by partnering with SEED Group, a royal family private conglomerate under Sheikh Saeed bin Ahmed Al Maktoum. The CEO of SEED Group, Hisham Al Gurg further explained that the partnership will enable the UAE to provide a digital experience to its business environment and citizens.
Proposed Efficiency Of Blockchain Technology
The effort will rule out about 398 million hard copy documents and free up to 77 million work time while helping to conserve about $3 billion annually which could have been expended on documentation processes in the UAE business sphere.
Phil Zamani, the CEO of Blocko explained that Aergo was launched to serve as a linkage platform between individuals, enterprises, and government to provide efficiency, scalability, security, and value such that information and data can be easily moved across networks saving resources and more importantly cutting the tiring bureaucratic process that is usually involved in getting these data across networks.
The information and data include user identification, business data, and data generated via the internet of things, which is exactly what the UAE is looking forward to optimizing. Blocko is no small company as it has been a blockchain digital service provider to various tech companies in South Korea including giants like Samsung, Hyundai Motors and Cisco building over 38 full-scale blockchain technology solutions. The partnership with SEED Group in UAE will help the company expand its tech solution tentacles across the globe with a 25 million users projection daily that has been set for the UAE.
UAE Blockchain – Healthcare
This is, however, not the first introduction of blockchain technology in the UAE. The UAE ministry of health and prevention makes use of blockchain technology to collect, save and share important healthcare documents.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.