By
Mayowa Adebajo
April 10th, 2024
Aramco’s new deal with droppGroup is further proof that Saudi Arabia is one of the leading early adopters of Web 3.0 technology.
Saudi Arabian-based energy giant Saudi Aramco has partnered with droppGroup as it looks to explore the endless possibilities of Web 3.0 technology. According to a press release made available to CoinDesk, the oil group – worth nearly $2 trillion, has now signed a memorandum of understanding (MoU) with Web 3.0 technology provider droppGroup.
Saudi Aramco Forays Deeper into Blockchain Technology
Per the release, Saudi Aramco will look to leverage the new partnership to develop Web3-based applications. The applications will be aimed at helping its employees in areas including onboarding, rewards, tokenized network, and even training ecosystems.
Meanwhile, it might be worth noting that Web 3.0, which is the new generation of the internet, is driven by blockchain technology. So, it appears that Saudi Aramco has a growing interest in technology. Recall that Coinspeaker earlier reported that it invested a whopping sum of $5 million into the blockchain-based trading platform, VAKT. That was in January 2020.
Pioneering Web 3.0 Adoption
On a broader note, Aramco’s new deal with droppGroup is further proof that Saudi Arabia is one of the leading early adopters of Web 3.0 technology. The Middle Eastern country has launched several projects in line with its Web 3.0 ambition. One such is Neom’s cognitive metaverse project XVRS, which is based on the country’s virtual city.
Furthermore, Saudi’s apex bank recruited a former Accenture managing director Mohsen AlZahrani back in September. The move was, primarily, to see AlZahrani use his expertise to steer the country’s Web 3.0 course. Since then, Saudi Arabia has launched a virtual assets unit whose objective is to develop a digital currency (CBDC).
In the same month, the country made another metaverse move by partnering with King Abdulaziz Foundation for Research and Archives. The collaboration will help bring National Day to the metaverse.
For what it’s worth, Aramco’s foray into Web 3.0 is a strategy to help it diversify into global markets. However, it will also help Saudi Arabia to realize its plans of reducing its reliance on oil and gas products.