Saudi Aramco signs an agreement with droppGroup to develop Web 3.0 technologies

Oil giant Saudi Arabia (Saudi Aramco) has signed a Memorandum of Understanding with New York-based holding company droppGroup to explore ways of collaborating to build a suite of Web 3.0 technologies.

According to a CoinDesk report on February 20, which cited a press release, Aramco employees will benefit from blockchain-based applications, which include onboarding tools, training ecosystems, a tokenized network, and a rewards program.

droppGroup, a Web 3.0 technology service provider, has a suite of products that include hard-coded grids, extended and augmented reality (XR/AR), as well as artificial intelligence (AI), machine learning (ML) and metaverse environments.

And in September last year, droppLabs, the parent company of droppGroup, acquired Phly to create the first-ever “hardware” digital metaverse.

New York-based droppGroup also has an operational office in Saudi Arabia.

It is worth noting that this is not the first time that the $1.91 trillion state-owned Saudi Aramco has entered the Web 3.0 space. Cointelegraph previously reported the energy company’s $5 million investment in a blockchain-based oil trading company, Vakt, in early 2020. The move was intended to digitize and streamline post-trade data processing.

Aramco’s entry into the Web 3.0 arena, i.e. the third generation of the Internet based on blockchain technology, is part of the company’s broader strategy, which aims to diversify and enter new markets. oil and gas.

Related: Riyadh Will Benefit From Metaverse In Its Bid To Host Expo 2030

In addition to the above, the country is also benefiting from other emerging technologies such as metaverse, especially when it comes to planning and developing some of its major projects.

According to Abdullah Al-Sawaha, Saudi Minister of Communications and Information Technology, the NEOM smart city and the “Red Sea” real estate project were tested in Metaverse first before actual production began, in order to do more optimal and cost-effective planning and development.

Most recently, Metaverse, the parent company of Facebook, launched the Metaverse Academy in the Kingdom, seeking to shape the region’s metaverse ecosystem and train 1,000 individuals within its first 18 months of operations.

While adoption of Metaverse continues to rise, El-Sawaha said regulatory oversight is necessary to ensure society benefits from the emerging technology.

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