Thursday, December 1, 2022

Saudi Arabian Telecom Giant STC Set for Blockchain Deal with ConsenSys

Saudi Arabian Telecom Giant STC Set for Blockchain Deal with ConsenSys

This week, the Kingdom’s powerhouse Saudi Telecom Company (STC) signed a Memorandum of Understanding (MoU) with the cryptoverse’s own Ethereum-centric powerhouse venture studio ConsenSys. The deal will see ConsenSys helping STC develop blockchain solutions for use in the government sector.

Also see: Amazon Web Services Launches ‘Build-Your-Own’ Blockchain Templates

Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates:

STC: ‘Innovative Solutions for the Government Sector’

In a groundbreaking deal, Saudi Arabia’s resident telecom powerhouse STC has officially signed an MoU with crypto venture play ConsenSys, whose motto is, notably, to “Harness the power of Ethereum.”

ConsenSys MENA Regio Executive Director Lina Hediah signed in the stead of Ethereum co-creator and ConsenSys head Joseph Lubin, whereas Riyadh Muawad, a Vice President at STC Business, signed on behalf of the Saudi telecom giant.

ConsenSys and STC signatories.

Muawad noted the memorandum was part of a concerted effort by the company to take the lead in blockchain tech in the Saudi market:

“STC is working on developing innovative solutions for the government sector using blockchain technologies thus defining the future of digital transformation in Saudi Arabia […] STC aims to lead in offering blockchain application in Saudi market.”

Hediah similarly remarked that ConsenSys was determined to make STC a “next-generation” blockchain leader:

“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. Our experience in building bespoke applications showcases qualitative capabilities and by leveraging STC’s reach we are looking to really immerse ourselves in the Kingdom’s transformation agenda […]”

On the Heels of Smart Dubai MoU

ConsenSys has definitely made headway with its consultancy efforts in the Middle East over the past year or so, particularly in the future-minded city of Dubai.

In March 2017, the venture studio was formally named as the “Blockchain City Advisor for the City of Dubai.” This year, in early April, the company inked an MoU with Smart Dubai to “to standardize government services payment gateways using blockchain technology in Dubai.”

As ConsenSys guides the way, then, Dubai is poised to be ground zero as far as what an Ethereum-based city might look like going forward.

What’s your take? Do you think the Saudi Arabia will start becoming a bigger player in the world of blockchain tech? Sound off in the comments below. 

Images via Thomson Reuters Zawya, Arabian Business

Bitsonline Email Newsletter