Leading enterprise blockchain provider firm, Blocko has set its foot in the UAE market niche by partnering with SEED Group, a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum.
Last year in April, the Dubai government unveiled the Emirates Blockchain Strategy 2021 under which the government will shift 50% of its transactions like visa applications and bill payments to a blockchain-driven platform by 2021. Through this, the government aims to have annual savings of AED11bn ($3bn) in transactions and documents processed on a routine basis, as well as 398m printed documents and 77m work hours.
Samsung backed firm, Blocko has established itself as a reputed entity in the South Korean market space along with the UK, and Hong Kong. It raised $8.9 million in the funding process initiated in June 2018. This collection was followed by a Series B+ funding round in August 2019, where the firm secured $7.44 million from Korea’s oldest bank, Shinhan and KEB Hana Bank, LB Investment and Dadam Investment.
After recording success in Asia and Europe, the firm is now adamant to expand its Aergo platform to the Middle East to continue its winning streak. The firm has already framed out 38 full-scale enterprise blockchain solutions in South Korea for industry giants like Samsung, Cisco, Hyundai Motors, as well as Gyeonggi-do province. Blocko is presently lending support to more than 20 enterprise clients and is opining to serve 25 million daily users by leveraging government bodies and enterprises in the Middle East.
Blocko will partner with Aergo, an operating platform to work out the hybrid public-private blockchain-focused technology network working for both government and enterprises in UAE.
Phil Zamani, co-CEO of Blocko and founder of Aergo, 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.
He further added that,
As a hybrid blockchain, Aergo breaks through these barriers, unlocking new features that provide increased levels of efficiency, security, scalability, and value.
Hisham Al Gurg, the notable CEO of SEED Group quoted that,
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.