Saudi Arabian Oil Group, commonly known as Saudi Aramco, has signed a memorandum of understanding (MoU) with droppGroup. This MoU focuses on the co-development of a range of Web3 technologies. The agreement seeks to explore the potential of blockchain-driven applications to help Aramco’s employees with integration processes. Some of these are onboarding, training, as well as a tokenized network, and a rewards program. The MoU comes as Aramco aims to digitize its operations and move towards a more tech-driven approach.
The MoU with droppGroup follows Aramco’s previous investments in blockchain technology, including a $5 million investment in Vakt. For your information, Vakt is a blockchain-based commodities post-trade processing platform. Aramco’s partnership with droppGroup, a Web3 technology provider, will tap into the latter’s tech stack. The partnership includes artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized networks, and metaverse environments. DroppGroup is headquartered in New York but has an operational office in Saudi Arabia.
Web3 technology is the third generation of the internet. Driven by blockchain technology, it is known for its decentralized architecture and secure data-sharing capabilities. The potential of Web3 applications to streamline and automate various business processes has attracted significant interest from large corporations like Aramco.
“We are excited to work with Aramco to co-develop Web3 applications that will enable Aramco to leverage our technology stack to drive operational efficiencies and support their employees. This partnership marks a significant step forward for droppGroup as we continue to expand our presence in the Middle East region.”
Gurps Rai, CEO of droppGroup
The MoU between Aramco and droppGroup will enable the two companies to explore the possibilities of using Web3 applications to streamline Aramco’s operations and create new value streams. The partnership will also create opportunities to develop innovative solutions that can help Aramco’s employees work more efficiently and effectively.
The Saudi Aramco & droppGroup Partnership Aims to Tap into AI and XR
The collaboration between Aramco and droppGroup is a significant development in the energy giant’s efforts to embrace digital technologies and move towards a more tech-driven approach. The MoU underscores Aramco’s commitment to exploring new technologies that can help it stay ahead of the competition and create new value streams.
In conclusion, the MoU between Saudi Aramco and droppGroup marks a significant milestone in the energy giant’s journey toward digitization. The partnership will enable Aramco to leverage droppGroup’s Web3 technology stack to streamline its operations and create new value streams. The collaboration highlights the growing interest in Web3 applications and their potential to transform the way large corporations do business. The two keywords in this article are Saudi Aramco and droppGroup.