Saudi Aramco, the world’s largest oil producer, has signed a memorandum of understanding (MoU) with droppGroup to explore co-developing a range of Web3 technologies.
The partnership aims to leverage blockchain technology to create innovative solutions for Aramco’s employees, including potential on-boarding, training ecosystems, tokenized networks, and rewards programs.
The third generation of the internet, Web3, is driven by blockchain technology, and it has been gaining traction in various sectors, including finance, supply chain management, and social media.
With the latest partnership, Saudi Aramco is joining a growing number of global corporations that are embracing blockchain technology to streamline operations, improve efficiency and reduce costs.
DroppGroup, a New York-based Web3 technology provider, has a tech stack that includes artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized networks, and metaverse environments.
The company has an operational office in Saudi Arabia and has been actively involved in developing blockchain solutions for the oil and gas industry.
In early 2020, Saudi Aramco invested $5 million in Vakt, a blockchain-based commodities post-trade processing platform, indicating the company’s interest in exploring blockchain technology solutions.
The latest partnership with droppGroup will build on this experience to create new innovative solutions for the oil giant’s employees.
The collaboration between Saudi Aramco and droppGroup is expected to create a more streamlined and efficient work environment that will benefit the employees of the energy giant.
The tokenized networks and rewards programs could help create a more engaged and motivated workforce, while the potential on-boarding and training ecosystems could reduce the time and cost associated with training new employees.
