Dubai Gets Yet Another Blockchain Push With The Launch Of BLOCKO
South Korean company, Blocko an enterprise backed by Samsung has been able to launch in dubai after raising funds in the Asia Pacific and Europe.
The Dubai government has been a part of the Blockchain revolution, majorly since last year. It was in April, last year that the government had passed a statement on introducing the Emirates Blockchain Strategy 2021, where 50 percent of the government transactions which include visa applications and bill payments will be shifted to a blockchain platform.
The company, after the official launch of Blocko in UAE partnered on a technological and business front with SEED Group, a conglomerate in royal family member Sheikh Saeed bin Ahmed Al Maktoum’s private office.
“It will enable the UAE to make its digital promise a reality for its government departments, citizens and businesses,” Hisham Al Gurg, CEO of SEED Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, said.
The Emirates Blockchain Strategy will be saving annually around $3 billion of transactions and document costs. This means that the strategy will help in eradicating 398 million worth printed documents and helps in saving time as well (saving 77 million work hours).
Dubai has made many initiatives in building a Blockchain eco-system. They have even partnered with IBM for a city-wide blockchain project.
The Blockchain provider was able to raise around $16.5 million through a range of 2 Series B rounds, which comprised of an $8.9 million funding last June and $7.4 million financing round in August.
Shinhan, which is Korea’s oldest bank, KEB Hana Bank, private equity firm LB Investment and Dadam Investment participated in the August financing, the company said.
To implement hybrid public-private blockchain technology for both government and enterprises in UAE, Aergo an operating platform was established. Blocko is in talks to work together with them.
“The company is now focusing efforts on bringing the Aergo platform to enterprises in the Middle East, looking to replicate its success in Asia and Europe,” according to Blocko.
“Many blockchain technologies in the Middle East are still in the proof-of-concept phase, Phil Zamani, the CEO of Blocko and co-founder of Aergo, said.
“As a hybrid blockchain, Aergo breaks through these barriers, unlocking new features that provide increased levels of efficiency, security, scalability, and value,” he said.
Blocko has been successful in supporting more than 20 enterprise clients. Their primary goal is to get 25 million regular users by supporting government bodies and other large enterprises in the Middle East.
Samsung, Cisco, Hyundai Motors have all been provided with full-scale enterprise by this company which acted as a key factor in making it popular in South Korea. It has offered 38 such blockchain solutions in the country.