SAUDI Telecom Company (STC) has signed an MoU with ConsenSys, a leading company in blockchain.

In line with Kingdom’s Vision 2030, this collaboration will open new technology avenues by bringing Blockchain technology to empower various industry verticals across Saudi Arabia.

Riyadh S. Muawad, Vice President of Key Accounts at STC Business and Lina Hediah, Executive Director, ConsenSys MENA Region signed the agreement on behalf of Joseph Lubin, Founder of ConsenSys and Co-Founder of Ethereum Project.

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

Hediah said “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. 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 making a significant impact on both the economic and social infrastructure,” she added.

STC held a workshop to provide an overview of blockchain technology, while identifying and prioritizing the services that can be most relevant for public and private sector adoption.

Saud A. Alsheraihi, General Manager of Business Development at STC Business, added that "this technology could potentially reshape how business communicate and exchange data in trusted and secure manner, and expedite transactions across numerous fields including real estate, banking, healthcare, O&G and many more.” — SG