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Wed 18 Apr 2018 11:28 AM

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STC, ConsenSys to bring blockchain to Saudi businesses

STC officials say that blockchain technology has the potential to be used in a number of industry verticals

STC, ConsenSys to bring blockchain to Saudi businesses

The Saudi Telecom Company (STC) has will work with blockchain company ConsenSys to help bring blockchain technology to a number of industry verticals in Saudi Arabia, the company announced on Wednesday.

Lina Hedia, the executive director of ConsenSys MENA, said that blockchain technology is “vital for future growth as it enables efficient, secure and cost-effective ecosystems and facilitates the automation of business systems creating added value.”

“This partnership not only marks ConsenSys’ official entry into the kingdom, but is evidence of our commitment to helping build next-generation nations using blockchain technologies,” Hediah added. “We are looking to really immerse ourselves in the kingdom’s transformation agenda making a significant impact on both the economic and social infrastructure.”

In conjunction with the MoU, STC held a workshop to provide an overview of blockchain technology and to identify and prioritise areas in which blockchain can be applied in the public and private sectors.

“This technology could potentially reshape how businesses communicate and exchange data in a trusted and reliable manner, and expedite transactions across numerous fields including real estate, banking, healthcare, oil and gas and many more,” said Saud A. Alsheraihi, the general manager of business development at STC Business.

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