Saudi Arabian Oil Company Signs an MoU with Web3 Firm droppGroup
The leading oil and petroleum exporter in Middle East Saudi Aramco has signed a memorandum of understanding (MoU) with droppGroup to explore the Web3 space. According to the February 20 MoU, the collaboration aims at developing innovative Web3 projects to improve the productivity of Saudi Aramco.
The report revealed that the partnership is set to integrate Web3 projects into Saudi Aramco’s core business units, including the human resource and operation department.
Oil Companies Pursue Crypto Assets
The positive contribution from energy companies in Saudi Arabia has positioned the Kingdom to rank third in oil and petroleum exports. Aramco Group owns a 70% holding in the Saudi Basic Industry Corporation (SABIC).
The quest to retain the market position inspired Aramco to pursue crypto and blockchain technologies. In 2021, Aramco invested more than $5 million to develop a blockchain-powered product Vakt to improve the after-trade services. The Vakt technology is aimed at digitizing Aramco’s manual post-trade processing services.
Following the success of the Vakt project Aramco was motivated to leverage its position to explore crypto space.
Saudi Aramco Partners with droppGroup
On February 20 Aramco team struck a business deal with the New-York based Web3 firm droppGroup to navigate the crypto space.
According to the February 20 business agreement Aramco and droppGroup will work towards developing new Web3 projects.
Aramco termed Web3 as a revolutionary blockchain technology that will improve the operation of the human resource department. The Web3 project will provide Aramco management with a tokenized system that will be important in modernizing the company’s compensation mechanism.
The Web3 project will improve Aramco’s selection, hiring, and training process. In addition, the report recognized the efforts made by droppGroup in executing Web3 projects.
The tech firm has created an innovative “solution stack” centered on artificial intelligence (AI) technologies and the blockchain ecosystem. The droppGroup’s tech stack has integrated metaverse projects, extended reality (XR), and machine learning technologies.
Despite on droppGroup exceptional achievement in building Web3, the company has provided firms with the technical support necessary to formulate business strategies and pursue new markets. The Web3 company has established a regional office in Saudi to meet the needs of droppGroup users in the Kingdom.
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