South Korean company Blocko has just launched in the United Arab Emirates after a successful funding round that saw it generate $16 million in funds. The enterprise blockchain provider has also partnered with the SEED Group to bring its solutions to the region.
The Arabian Business, a Middle Eastern publication focused on business, recently reported on Blocko’s partnership with the SEED Group, a conglomerate and part of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, a member of the country’s royal family.
Blocko and Aergo
With its launch in the UAE, Blocko will work with Aergo and introduce the blockchain platform to the region. The operating platform will be used to carry out hybrid private-public blockchain tech for both enterprises and government institutions in the country.
According to Phil Zamani, the CEO of Blocko, the decision to launch was due to the burgeoning need for data sharing between companies and industries in areas like document management, identity verification, and the Internet of Things. These are also sectors wherein Middle Eastern countries are particularly looking for practical solutions.
In fact, the Dubai government rolled out the Emirates Blockchain Strategy 2021 back in April 2018. The program will reportedly see the UAE government migrating 50% of its transactions, like bill payments and visa applications, to a blockchain platform. It’s also expected to generate $3 billion in savings from document and transaction costs, eliminate 398 million paper printed documents, and save 77 million work hours.
The collaboration between the SEED Group and Blocko will help further the UAE’s blockchain strategy.
Hisham Al Gurg, the CEO of the SEED Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, said working with Blocko will enable the country to fulfill its digital promise and make it a reality for its citizens, businesses, and government departments.
He also acknowledged that the UAE and most of the Middle Eastern region are constantly looking for advanced blockchain solutions to integrate with its digital and government services. He added that they recognize that partnering with Blocko and the Aergo platform is a solution that will satisfy the increasing demands of companies that are working at the “highest level of scale and security.”
Blocko appears to be an excellent choice and has already seen success in Asia and Europe. It has developed 38 full-scale blockchain solutions for enterprises in its mother country and counts major companies like Cisco, Hyundai Motors, and Samsung among its clients.