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Blockchain JV in Saudi Arabia aims to create cross-sector opportunities

WISeKey and Saudi Advanced Technologies will also co-ordinate with blockchain centres and ecosystems around the world to share experience and resources.

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The joint venture aims to create opportunties in areas such as smart cities
The joint venture aims to create opportunties in areas such as smart cities

WISeKey International Holding, a cyber-security, IoT and blockchain group of companies, and Saudi Advanced Technologies have announced a joint venture to expand WISeKey’s offerings in the Middle East.

 

To this end, the partners are establishing a limited liability company in Saudi Arabia called WISeKey Arabia.

 

Creating market opportunities

 

The overarching objective of the new company is to establish a market foothold with credible in-country leaders to maximise near-term revenue, while at the same time create significant market opportunities in sectors such as smart cities as well as retail, financial transaction, automotive, consumer products, healthcare, smart cards, industrial, transportation, and IT infrastructure.

 

WISeKey Arabia also announced it will operate a blockchain centres of excellence (BCoEs) connected to a network of BCoEs in India, Canada, China, Buenos Aires, Malaysia, Mauritius and Rwanda. The agreement expects to see the creation of additional centres in the MEA region, including two in Saudi Arabia.

 

All these centres will be interconnected via three hubs: Geneva, Toronto and Beijing, a “trust triangle” operating under a common trust protocol, using WISeKey’s public key infrastructure (PKI) blockchain technology, bringing trust and security, while maintaining the core blockchain values of transparency, auditability, and traceability.

 

WISeKey said its implemented and integrated PKI solution is complementary to any blockchain platform, where it can assist with developing a better trust model for use within a distributed system and create a universal trust protocol for the Internet 2.

All these centres will be interconnected via three hubs: Geneva, Toronto and Beijing, a “trust triangle” operating under a common trust protocol

According to WISeKey, the business model of the Geneva BCoE is to assist local blockchain start-ups and research to promote their technologies internationally and facilitate the rapid adaptation and on-boarding of blockchain-based solutions.

 

Additionally, it seeks to foster stronger collaboration between the public, private and academic sectors and cooperate to ensure that the latest technological standards are made available in a safe and trusted manner.

 

Blockchain ecosystems

 

The Saudi BCoE will coordinate with other centers and blockchain ecosystems around the world, allowing all partners to fully benefit from shared experiences and resources. Each BCoE is expected to develop a particular expertise that can be shared among all centres.

 

For example, the BCoE in Buenos Aires will spearhead the development of particular platforms and applications to fight counterfeiting, illicit trade and corruption, while the Geneva BCoE will focus on Fintech, particularly digital private banking and commodity trading applications.

 

Through its alliance with Saudi Advanced Technologies, WISeKey said it has explored and secured additional synergies with leading companies in the region whose values and product portfolio align with its mission.

Buenos Aires will spearhead the development of particular platforms and applications to fight counterfeiting, illicit trade and corruption

WISeKey, in cooperation with Saudi Advanced Technologies is developing a root of trust (RoT) and a PKI in Saudi Arabia, including a globally trusted certification authority within a security strategy framework. PKI provides the necessary security (encrypted and digital signatures) for electronic transactions.

 

Saudi Advanced Technologies is a wholly owned company of EA Juffali & Brothers responsible for setting up the electric power supply and telecommunications to some of Saudi Arabia’s major cities.

 

“The opportunity for WISeKey Arabia joint venture is unequalled in the market. WISeKey is the only company in the world that delivers a vertical cyber-security service platform from root of trust to chip,” said Carlos Moreira, founder and CEO of WISeKey International Holding.

 

“The joint venture will deliver an end-to-end solution to the Juffali ecosystem of companies across the country. I am very much looking forward to collaborating with Khaled Juffali, the chairman of EA Juffali & Brothers, and I am confident that we will continue to experience significant technological accomplishments in the region.”

 

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