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The South Korean blockchain-focused firm Blocko has finally launched its newly-developed hybrid public-private blockchain, Aergo, in the UAE through a strategic partnership with the SEED Group, a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum.
Blocko has already raised $16M through two separate funding rounds in which South Korea’s Shinhan Bank and KEB Hana Bank, LB Investment and Dadam Investment were the top participants.
Blocko’s plan is to scale up in the Middle East by launching its hybrid blockchain network called Aergo. The platform will serve enterprise-level businesses and government bodies replacing the old and outdated consensus on which most blockchain platforms operate.
Blocko currently boasts 20 enterprise clients in Europe and Asia, and is aiming to serve more than 25 million end-users daily in the nearby future. The company also aims to support and comply with government bodies to bring the digital revolution at both public and enterprise levels.
Phil Zamani, co-CEO of Blocko and CEO and founder of Aergo, said:
“We launched Aergo in response to the growing need for data sharing between industries and companies in areas such as identity verification, document management and the Internet of Things – the same areas in which the Middle East, in particular, is seeking practical solutions.”
Blocko has already secured 38 full-scale enterprise blockchain solutions in its portfolio by serving renown brands like Samsung, Hyundai, and Cisco in South Korea. The company is planning to continue its growth in the Middle east through the SEED partnership.
The UAE government launched an initiative called the Emirates Blockchain Strategy 2021 back in April 2018 according to which nearly half of government departments will operate on a blockchain-based network. For instance, Dubai is planning to become the first blockchain-powered government in the world by 2020 where government entities such as Dubai Police, electric department, water authority, etc. will develop the key infrastructure for the adoption of blockchain technology.
Save $3 Billion through Blockchain
By conducting government transactions on the blockchain, the UAE government is planning to save AED11 billion (around $3 billion) wasted on processing fees and verification paper-based documents on regular basis and increase the productivity of employees by saving 77 miilion of work hours and 398 million from paper-based documents.
The SEED Group CEO Hisham Al Gurg said:
“The UAE and the wider Middle East region are constantly seeking advanced blockchain solutions for the government and digital services. And so, we recognized the partnership with Blocko and Aergo as a solution to satisfy the increasing need for companies working at the highest level of scale and security.”
According to Phil Zamani, many enterprises in the Middle East and around the world are still using outdated versions of blockchain technology which are very complex to put in use, inefficient and have a wide range of other issues when it comes to scaling it for millions of devices. Through Aergo, the company is planning to address these issues enterprises are facing while deploying blockchain technology for their business model.