Blocko is a Samsung-supported initiative which has just launched in the United Arab Emirates, following fundraising efforts in the APAC and Europe regions. The South Korea-based provider has entered the UAE in the wake of the April 2018 launch of the Emirates Blockchain Strategy. Intended to take full advantage of blockchain technologies, the strategy looks to convert 50% of UAE State transactions into the blockchain platform by the year 2021.
In addition to drastically improving effectiveness and efficiency, the two pillars of productivity, blockchain will enable individuals to process their transactions according to their subjective needs, specifically lifestyle, and employment. By deploying blockchain technology into its financial infrastructure, the UAE government expects the following tangible benefits (more specifically, it expects to save):
- 11 billion AED worth of documentation/transactions processed
- Printing of 398 million documents annually
- 77 million labor hours annually
By deploying blockchain in secure transacting, each client will be furnished with a unique identification number that directs to their data on the secure chain. Content that is contained within the blockchain cannot be compromised or modified, this will secure national documentation, and transactions – ultimately mitigating operational costs, and speeding up decision-making.
Blockos launch in the UAE is viewed by analysts and industry experts as being part of the State’s push towards blockchain technologies. Following its launch, Blocko has entered into a strategic partnership with SEED group, a conglomerate with ties to the royal family. Blocko enters the UAE market with huge expectations, and is set to actualize the UAE Government’s promise into reality for its state enterprises, private businesses, and citizens.
Dubai’s concentrated efforts in its push towards blockchain has witnessed several regulatory platforms and a tie-up with IBM for a city-wide blockchain initiative. Prior to its entry into the UAE, Blocko managed to raise 16.5 million US$ in funding through two rounds, one in the month of June, and the other in the month of August.
KEB Hana Bank, Shinhan (forerunner of Korean banks), LB Investment, and Dadam Investment were firms that were a part of the August round of investing. Blocko is set to collaborate with Aergo, to setup hybrid public/private blockchain tech for state and corporate purposes.
Having found significant success in the APAC and Europe regions, the company is currently concentrating its efforts on bringing the Aergo platform to businesses in the Middle East. As it stands, Blockchain technology in the Middle East is predominantly in the proof-of-concept phase. Functioning as a private blockchain, Aergo intends to overcome these limitations, providing new functionality that facilitates enhanced levels of productivity, value, security, and scalability.
At the present moment, Blocko is enabling more than 20 enterprise clients, aiming for 25 million daily users by assisting state bodies and other large businesses/corporates in the Middle East region. The company shot to stardom in the South Korea region after it had established itself as the full-scale enterprise provider for a number of companies. Some of these companies included industry heavyweights such as Cisco, Hyundai Motors, Samsung, the Gyeonggi-do province. It has initiated 38 such blockchain solutions in the country.
The UAE’s push towards blockchain is only expected to intensify.