Blockchain News

South Korean-based Blockchain Provider Firm Blocko Marks its Presence in UAE


South Korean based blockchain provider firm, Blocko is ready to join the numerous blockchain leaders operating in the United Arab Emirates (UAE). UAE’s aviation sector is also warming up to blockchain opportunities. It hosted the Blockchain Aviation Conference in Abu Dhabi to discuss blockchains potential in the aviation field. The conference was attended by more than 800 people from over a hundred countries. Speakers at the conference expressed their eagerness to embrace blockchain technology providers like Blocko for the betterment of various economic sectors of the country.

Blocko has now joined the blockchain wave with plans to launch its Aergo platform in the UAE, by partnering with the SEED Group. SEED Group is a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum.

The CEO of the SEED Group, Hisham Al Gurg, commented:

“The UAE and the wider Middle East region are constantly seeking advanced blockchain solutions for government and digital services. And so, we, 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.”

He further added:

“It will enable the UAE to make its digital promise a reality for its government departments, citizens and businesses.”

Reportedly, among many other achievements, the Hong Kong-based platform Aergo had secured $30 million from a syndicate led by investors Sequoia Capital China and GBIC.

Blocko is backed by the electronics giant, Samsung, and already has a very firm base with a strong presence in Hong Kong, South Korea, and the UK. It is the full-scale enterprise provider for Samsung and is currently supporting more than 20 enterprise clients, striving for 25 million daily users by backing government bodies and other large enterprises in the Middle East.

Blocko has already produced 38 full-scale blockchain solutions for powerhouses like Hyundai, Samsung, and Cisco. Earlier, they had raised a staggering $16 million in funds via two Series B funding rounds.

Amidst their numerous backers, they haul names like KEB Hana Bank, LB Investment, Dadam Investment and Shinhan, the oldest bank in South Korea.

With success from Europe and Asia in its bag, Blocko has its sight on the UAE. Phil Zamani, the co-CEO of Blocko and founder of Aergo, stated:

“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.”

In April 2018, the Dubai government had published the ‘Emirates Blockchain Strategy 2021’. where the state will migrate 50 percent of its transactions like visa applications and bill payments, to a blockchain operated platform. Through it, the government would generate an annual savings of AED11bn ($3bn) in transactions and documents processed regularly, eliminating 398m printed documents and 77m work hours.

The UAE has made several efforts to propel forward this initiative by measures like introducing regulatory reforms and joining hands with IBM for a city-wide blockchain project. Accepting Blocko in its soil is a part of this scheme.

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