Saudi Arabian Blockchain Possible with IBM Joint Venture

Blockchain, News

Saudi Arabian Blockchain Possible with IBM Joint VentureA Riyadh Municipality is joining forces with IBM to develop a Saudi Arabian blockchain to streamline government services and transactions in a news story broken on July 11 by the site. The move represents a positive decision by the Saudi Arabian government who are trying to improve the quality of municipal services as part of the Saudi Vision 2030 program.

The joint venture with IBM will aim to integrate the leading and most innovative technologies to improve the overall operations in accordance with the Government of Saudi Arabia.

Evolving nature of Saudi Arabian blockchain

As many parts of the world make a move to integrate blockchain into their societies, middle-eastern nations are also becoming part of the game. The ‘Saudi Vision 2030’ program is a plan for the economic development and diversification of the local economy in a quest to separate its economy from its oil-driven base, which makes up 30 to 40 of the nation’s GDP.

The agenda was firstly introduced by Mohammad bin Salman, the Crown Prince, who also sees the vision to include the improvement and development of local infrastructure, tourism, education, military spending, healthcare, and even manufacturing. Utilizing the latest blockchain technology could rapidly improve the daily lives of millions of people across the Kingdom in a bold move.

This Saudi Arabian blockchain development will be backed by the main government, the Riyadh Municipality, and IBM. The respected Saudi tech experts, the Elm Company, will also be arranging and hosting workshops to understand which services will and can be updated by using this new blockchain system.

Working in tandem with IBM

On the municipal level, IBM will develop the initial blockchain, although Elm will be the ones to implement the technology and to ensure it works and offers the promised services. The Country General Manager at IBM Saudi Arabia, Tarek Zarg El Aioun, firmly believes that this Saudi Arabian blockchain technology could change the world, redefine business and simplify transactions, making it a financial revelation of sorts.

Tarek Zarg El Aioun went on to inform that “Through the collaboration between Riyadh Municipality, Elm and IBM, we will be able to help the Saudi government reimagine and transform the way in which services are provided to citizens, residents, businesses, and visitors. It is a strategic step towards supporting the objectives of Saudi Arabia’s Vision 2030.”

News stories broke in May that the Saudi Arabian government had conducted what it called a “blockchain bootcamp,” which were focused sessions on building ethereum contracts and other decentralized apps (DApps). The event was deemed as part of a plan to create a more accessible digital environment to further the Kingdom’s long-term blockchain goals. We see the blockchain industries in many countries are now beginning to take off, with Saudi right up there.

This is not the first time this year that the Saudi Arabian blockchain industry has made the news, as the Saudi Arabian Monetary Authority (SAMA) joined forces with Ripple back in February to help provide payment support technology to the nation’s banking institutes. Saudi Arabia is taking the lead across the middle-east to incorporate blockchain technology that can help improve the lives of millions.

I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.

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