Blocko, a Samsung-backed leading blockchain provider has launched in the UAE. The company has partnered with SEED Group, a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum.
After already establishing a presence in South Korea, Hong Kong, and the UK, the blockchain company secured $8.9m in funding in June 2018. Additionally, it went on to secure an additional $7.44m in a Series B+ round. The second round was secured from Shinhan, Korea’s oldest bank together with LB Investment, KEB Hana Bank, and Dadam Investment in August 2019.
Blocko is now focusing its efforts to bring the Aergo platform to the Middle East. It aims to replicate its successes in Europe and Asia. The CEO and founder of Aergo who is also the co-CEO of Blocko, Phil Zamani, said:
“We launched Aergo in response to the growing need for data sharing between industries and companies in areas such as identity verification, document management and the Internet of Things – the same areas in which the Middle East, in particular, is seeking practical solutions.”
The United Arab Emirates’ Government launched the Emirates Blockchain Strategy 2021 in April 2018. The new Strategy aims to capitalize on blockchain technology to change 50% of government transactions into the blockchain platform by 2021.
What to expect
By doing that, annuals savings of AED11bn ($3bn) are likely in transactions and documents processed regularly. Also, 398M printed documents and 77M work hours will be saved. According to The Private Office of Sheikh Saeed bin Ahmed Al Maktoum and Hisham Al Gurg, CEO of SEED Group:
“The United Arab Emirates and the wider Middle East region are continuously seeking advanced blockchain solutions. They aim o implement these solutions in the government and digital services. Thus, we recognized the partnership with Blocko and Aergo as a solution to satisfy the increasing need for companies working at the highest level of scale and security,”
Blocko has so far set up 38 full-scale enterprise blockchain solutions in South Korean. Their South Korean clients include Hyundai Motors, Samsung, Gyeonggi-do province, and Cisco.