One of the leading telecommunications companies in the Middle East and North Africa region, Zain Group, said it has joined the management board of the Hedera Hashgraph distributed registry technology platform. The corporation intends to use the blockchain in its business services to more than 49.5 million users in countries including Saudi Arabia, Iraq, Jordan, Bahrain and Kuwait. The focus of the organization’s professional work is on mobile and data services.
Read more about the importance of blockchain integration in the telecommunication sector and be the first to read the most interesting business news in the world, with the Born2Invest mobile app.
The use of blockchain also has great commercial potential
Zain Group emphasized that it advocates the introduction of distributed registry technology since a public blockchain provides greater reliability for data transmission using mobile devices. In addition, the decentralized principle of storage and distribution of information allows to increase the efficiency and stability of the telecommunication business, and the use of the Internet becomes more secure.
Hedera Hashgraph is a platform whose operation proves the cross-industrial advantages of the blockchain: among its members are not only the well-known telecommunications operator Deutsche Telekom, but also a giant of the global aviation industry, Boeing Corporation. In addition, the platform management board also includes such well-known companies as IBM and Google. Scientific and technical expertise of the project is provided by specialists of University College London, as well as the Swiss company Swisscom Blockchain.
Zain Group also sees great commercial potential in the application of blockchain. In particular, the development of specialized applications and services, including those related to remote medical consultations, mobile payments, the development of communications for drones, as well as the development of Internet of Things and 5G mobile communication technologies.
The corporation is convinced that all of the above is becoming more effective when using a blockchain. Besides, the distributed register technology allows increasing the efficiency of energy consumption, thus contributing to solving the global problem of mankind – climate warming.
The oil company Saudi Aramco also invested in the Vakt blockchain platform
The giant of the global oil industry, the state-owned company Saudi Aramco (Saudi Arabia) decided to invest in the authorized capital of the Vakt blockchain platform, which is focused on the work of oil workers. Not even the size of the investment ($5 million) is noteworthy, but the fact that Saudi Aramco decided not to become just a member of Vakt, but intends to develop this platform, now as one of its co-owners.
According to Vakt itself, the funds that have already been received through the sale of shares will go just for development purposes, including expansion into Asian countries. Saudi Aramco itself intends to use the services of Vakt through its trading unit Aramco Trading.
The platform has already shown its effectiveness for those companies that produce oil on the shelf of the North Sea. It is the ability of the distributed registry to significantly reduce the operating expenses of such companies that has led to the fact that oil supplies from Norway have become competitive not only for the countries of the European Union. Also recently, the supply of raw materials to the Republic of Belarus took place.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CLICK CHAIN, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Sono Motors introduces community advisory board
Sono Motors unveiled the latest prototype of its electric minivan with solar cells in the body. In parallel with the...
Ysios Capital invests 30 million in 2020 and plans to enter four companies in 2021
In a year marked by the COVID-19 pandemic, the venture capital manager Ysios Capital carried out six follow-on operations and...
Oxxo enters the fintech ecosystem with its digital wallet Spin
On March 2nd, Oxxo presented Spin, a digital wallet through which it will be possible to manage, send and receive...
AEDESEO asks for €57,000 in crowdfunding to research a new treatment
AEDESO wants to start a clinical study and launched a crowdfunding campaign to raise the necessary money for it. Patients...
Mainz-based biotech company ActiTrexx receives €3.5 million in financing
The biotech company ActiTrexx has recently closed a Series A financing round, during which it raised $4.2 million (€3.5 million)....
Biotech7 days ago
VB Devices closes a €1.1 million round to consolidate its market entry
Business7 days ago
The multifaceted benefits of Augmented and Virtual Reality in education
Cannabis6 days ago
Legalization trend drives cannabis ETFs to significantly grow
Featured7 days ago
ARisk, the startup of predictive risk algorithms, closes €350,000 round