• Saudi Aramco, the Near $2 Trillion State-Owned Energy Company, Has Signed a MoU With DroppGroup to Explore Co-Developing Web3 Technologies.
• The Applications Will Be Aimed at Helping Aramco’s Employees and Could Include an On-Boarding, Training Ecosystems and a Tokenized Network.
• DroppGroup is a Web3 Technology Provider With Tech Stack That Includes AI, ML, XR and Metaverse Environments.

Saudi Aramco Signs Agreement with droppGroup

Saudi Arabian Oil Group (Saudi Aramco), the near $2 trillion state-owned energy company has signed a memorandum of understanding (MoU) with droppGroup to explore co-developing Web3 technologies that could benefit its workers. The applications will be aimed at helping on-boarding, training ecosystems as well as tokenized networks and rewards program.

droppGroup’s Technology Stack

DroppGroup is a Web3 technology provider with tech stack that includes artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized networks, and metaverse environments. The New York-headquartered firm also has an operational office in Saudi Arabia.

Previous Involvement With Blockchain Technology

This collaboration isn’t Aramco’s first foray into blockchain technology. In early 2020, the company invested $5 million into Vakt, a blockchain-based commodities post-trade processing platform.

What is Web3?

Web 3 is the third generation of the internet driven by blockchain technology that enables users to have more control over their data while still having access to secure platforms for sharing information online. It can also be used for creating digital tokens or cryptocurrencies which can be exchanged for goods or services or stored for future use.

Conclusion

The partnership between Saudi Aramco and droppGroup marks an important step forward in exploring how blockchain technology can be leveraged to benefit employees of large companies like Aramco as well as provide access to secure online platforms for sharing data securely online.