Samsung-Backed Blocko Launches in UAE After Dubai Blockchain Push
Blocko, the South Korean enterprise blockchain provider backed by Samsung, has launched in the UAE after raising funding in Asia Pacific and Europe, the company said. In April 2018, the Dubai government announced the Emirates Blockchain Strategy 2021, where the UAE government will migrate 50 percent of its transactions – such as visa applications and bill payments – to a blockchain platform.
Upon Blocko’s official launch, the company entered a business and technology partnership with SEED Group, a conglomerate in royal family member Sheikh Saeed bin Ahmed Al Maktoum’s private office.
“It will enable the UAE to make its digital promise a reality for its government departments, citizens and businesses,” Hisham Al Gurg, CEO of SEED Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, said. The Emirates Blockchain Strategy is expected to generate annual savings of $3 billion in transaction and document costs, eliminating 398 million printed documents and 77 million work hours.