Saudi Aramco will explore co-developing blockchain-based technologies that could benefit its workers.
By Brandy Betz
Feb 20, 2023 at 8:30 p.m.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MHGAVLUBZND2JGTOD6LHYJ6GAI.jpg)
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Saudi Arabian Oil Group (Saudi Aramco), the nearly $2 trillion worth state-owned energy company, has signed a memorandum of understanding (MoU) with droppGroup to explore co-developing a range of Web3 technologies, according to a press release shared with CoinDesk.
The Web3, the third generation of the internet-driven by blockchain technology, applications will be aimed at helping Aramco’s employees. This includes potential onboarding, training ecosystems, as well as a tokenized network and rewards program.
The collaboration isn’t Aramco’s first foray into blockchain technology In early 2020, the company invested $5 million into Vakt, a blockchain-based commodities post-trade processing platform.
droppGroup, a Web3 technology provider, has a tech stack that includes artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized networks, and metaverse environments.
The New York-headquartered firm droppGroup also has an operational office in Saudi Arabia.
Read more: What Is Web3? Understanding What Web3 Is… and Isn’t
Read more about
ExclusiveWeb3Saudi ArabiaMou
Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas. Email addressSign Up
By signing up, you will receive emails about CoinDesk product updates, events, and marketing and you agree to our terms of services and privacy policy.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.
The leader in news and information on cryptocurrency, digital assets, and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase the stock outright in DCG.
:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/b8fe6904-2c9d-4872-b9e8-cbb8a9c2e48f.jpg)
Brandy covers crypto-related venture capital deals for CoinDesk.
Learn more about crypto flings 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain, and Web3. Head to cryptoflings.com to register and buy your pass now.
