Tech giants IBM seem to be entering the blockchain industry through every door possible. As a company that has made its living through innovation at the cutting edge of technological design, IBM do need to take a hold of the blockchain and run with it. Therefore, their willingness to grow and succeed within the blockchain is hardly surprising.
The city of Riyadh, the capital of Saudi Arabia are alleged to be working alongside IBM to introduce government services to the blockchain. This is being facilitated via a partnership with a firm called Elm Company. The project has been designed to implement government services onto the blockchain in order to facilitate transactions and commercial services for local residents. In the long term, this project will continue on to work alongside other cities and authorities within Saudi Arabia, before eventually meeting up with the Saudi Arabian government to provide a national blockchain roll out.
According to CCN, the GM at IBM Saudi Arabia has said:
“Through the collaboration between Riyadh Municipality, Elm and IBM, we will be able to help the Saudi government reimagine and transform the way in which services are provided to citizens, residents, businesses, and visitors.”
According to CCN, this is a part of a bigger project known as Vision 2030, a project established by Saudi Arabian royalty that aims to transform the countries economy. Ultimately, Vision 2030 wants to reduce the countries reliability on income via oil and thus wants to see Saudi Arabia become a hub for investment and for income via the private sector.
According to CCN:
“The decision to integrate government services and transactions onto a blockchain is part of the broader Saudi Vision 2030 program, an initiative enacted by Saudi Arabia’s Crown Prince Mohammad bin Salman in 2016. The “long-term” plan sees the country’s rulers making a “serious attempt” to transition the economy away from its overwhelming dependency on oil and the state through substantial investments in the private sector. The new blockchain endeavor is in accordance with Vision 2030’s directives, Al Riyadh secretary Tariq bin Abdul said, underlining decentralized blockchain tech as the chosen solution to improve municipal operations and services to citizens.”
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From the outset, this project may well see Riyadh spearhead a new blockchain revolution within governmental services. Once this is in place, other nearby cities will follow suit until the rest of the country is able to catch up with this forward and innovative technology. Moreover, with IBM contributing to Saudi Arabia’s new vision for 2030, lives of the local people could be set to change for the better, thanks to blockchain technology.