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.
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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.
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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.
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