STC signs a Memorandum of Understanding with CONSENSYS on "Blockchain" technology in the Saudi market

STC, represented by the business sector, signed a memorandum of understanding with CONSENSYS, a leading company in the field of blockchain technology, or the so-called "blockchain". The memorandum aims to discuss ways of cooperation to establish and transfer this technology to the Kingdom of Saudi Arabia in a way that contributes to achieving the goals of Vision 2030, which focused on A globally competitive digital transformation.

The agreement was signed by Riyad Moawad, Vice President of Government Sales and major customers of STC, and Lina Haddia, CEO of CONSENSYS in the Middle East and North Africa region, on his part, explained Moawad; The Saudi Telecom Company will work to build, develop and innovate modern technical solutions for state sectors to help implement blockchain technology, which will shape the future of digital transformation in the Kingdom, pointing out that STC seeks to be the leader in transferring this global technology to the Saudi market.

“Transforming agreements into digital form on a trusted network will facilitate the automation of business systems and create added value. Blockchain technology will play a pivotal role in future growth and to enable systems of companies such as STC to be highly efficient, secure and inexpensive,” Hedia commented.

Hedia also commented, "This cooperation between the two companies represents CONSENSYS 'official entry into the Saudi market and represents a proof of the company's commitment to help build technically advanced countries using blockchain technology. Our experience in building smart applications represents a qualitative ability and with the cooperation of STC and its wide field of activity we can The bifurcation in the Kingdom's vision for transformation in the economic and social fields.

Through this memorandum, STC aims to explore the possibility of providing services to the public and private sectors based on blockchain technology, which is the latest revolution in the technology world that may change the future of the global economy.

On the other hand; STC held a workshop to study and discuss the possibility of applying this technology in the Saudi market and discuss the opportunities available to it. The Director General of Business Development, Saud Al-Sharihi, stated that blockchain technology has contributed to facilitating and raising the level of security of transactions that depend on it, saying: “This technology is considered a new method for storing data. And dealing with a large base of information through which individuals can conduct transactions in various fields such as real estate, banking, health, or other transactions that require a high degree of safety and effectiveness, which is characteristic of this technology.

It is worth noting that the Saudi Telecom Company, STC, is an enabling company for digital transformation

By providing innovative, safe and effective technology solutions that contribute to a quantum leap in technology.