News Saudi Arabia Increases Focus on Blockchain Startups

Saudi Arabia Increases Focus on Blockchain Startups

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Blockchain startups are of great interest to companies and governments alike. In Saudi Arabia, there’s a genuine effort underway to incorporate as many blockchain solutions as possible. The local government will continue on this mission, by the look of things. That is a positive development, as all of these partnerships play a big role in the future direction of this country.

Saudi Arabia has shown a knack for blockchain companies. More specifically, the government has forged several key partnerships as of late. After partnering with Ripple a while ago, the tone was set for future collaborations. Using blockchain the financial sector simply makes a lot of sense, even in Saudi Arabia. The central bank is closely looking into DLT-based solutions we speak.

Another Blockchain Effort in Saudi Arabia

A new partnership was forged earlier this week. The Saudi Ministry of Communications and IT partnered with ConsenSys. The latter company focuses its attention on building enterprise-grade software powered by blockchain technology. As such, a three-day bootcamp was organized to showcase this technology and look at potential use cases.

During this event, in-depth training regarding dApps was the main point of interest. It is not the first time Saudi Arabia is looking closely at dApps, although no official events had been organized in the past. The bootcamp also touched upon the concept of setting up a proper development environment for DLT solutions. All of these efforts will aid the country in developing future blockchain-oriented use cases.

For the time being, it remains to be seen how these ventures will play out. The interest in blockchain is genuine and the opportunities are virtually limitless. It seems local officials are interested in this technology, alongside AI and the Internet of Things. Big things can be expected in this regard, although the actual plan of action remains a bit unclear at this stage.

Header image courtesy of Shutterstock

Tags: Blcockhain, Saudi Arabia, startups

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Saudi Arabia Increases Focus on Blockchain Startups
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