KSA is looking for DLT, Ethereum, Hyperledger and DeFi talents with tokenization skills

KSA is looking for DLT, Ethereum, Hyperledger and DeFi talents with tokenization skills

The senior advisor of Saudi Central Bank  Anthony Butler  for blockchain, AI and digital assets recently posted  on LinkedIn new job positions opening up in Riyadh KSA.

The roles he mentioned included sSoftware engineers with hands-on experience working with DLT ( Distributed Ledger Technology) protocols and applications. According to Butler the role requires someone with experience implementing solutions using tech such as Ethereum, Hyperledger Besu, Hyperledger Fabric, and/or R3 Corda.”

He adds  these talents should particularly  be knowledgable of solutions involving tokenisation of real world assets. The job applicant should understand the functional and non-functional aspects of designing such solutions and be able to work with broader engineering teams to lead design and implementation. Understanding of DeFi and emerging areas, such as self-sovereign identity.

Also required are software engineers/full-stack developers at all levels of seniority. These applicants should be able to work independently on software development projects and potentially lead a team of other engineers by providing architectural and engineering guidance. Hands-on experience working with common front-end frameworks, architecture patterns, cloud-native design practices, and languages.

Finally Butler also mentions jobs for thos talented in AI ( Artificial Intelligence), machine learning (ML) and DS techniques and tools to solve complex classification, anomaly detection and prediction problems. Deep knowledge of common libraries such as PyTorch, TF, etc. and knowledge of tech and tools needed to implement AI at scale, such as vector databases (e.g. Pinecone), data pipeline tech (e.g. Airflow), orchestration tools (e.g. Langchain), MLOps tooling (e.g. Weights and Biases), etc. Will be working with SOTA and emerging areas, such as GenAI, so should be intellectually curious and self-driven to learn.

This comes as the Central Bank of Saudi Arabia moves forward with its CBDC ( Central Bank Digital Currency) national project as well as digital asset’s strategy.

Anthony Butler, the Chief Technology Officer for IBM MENA region who was based out of KSA, and is a blockchain, AI, metaverse expert joined Saudi Central Bank (SAMA) as a senior advisor in May 2023.

He announced the new position on LinkedIn saying, “I’m happy to share that I’m starting a new position as Senior Advisor at Saudi Central Bank – SAMA! As a senior advisor to SAMA I will be focused on  first of a kind applications of emerging technology, such as artificial intelligence, distributed ledger technologies, quantum, and advanced cryptography in support of payments innovations (such as CBDC, stable coins, and tokenization), transformation of Suptech/Regtech, green finance,  open finance, decentralized finance (DeFi), and cybersecurity.

Prior to that, The Saudi Central Bank ( SAMA) appointed Mohsen AlZahrani, as virtual assets and CBDC lead.

With the new job postings listed by Anthony Butler it seems the move towards digital assets, DeFi, and blockchain in the capital of KSA is moving forward at a faster pace.

GCC and MENA Family offices can make their gold work for them with blockchain tokenization

GCC and MENA Family offices can make their gold work for them with blockchain tokenization

If you are a GCC or MENA based family office that has a portfolio that includes precious metals such as gold, silver or others, or you intend to in the near future, but are hesitant because in the past you were unable to make revenues from the purchase, you now can. With the advent of blockchain, Web3 technologies and tokenization a sweet spot is upon us. 

Precious metal owners can generate earnings on their gold and make it work for them just by holding it in tokenized form. Aurus Technologies, headquartered in the UAE with offices in the UK is offering family offices the opportunity to tokenize real world assets through its sustainable tokenization as a service solution (TAAS) platform.

The GCC and MENA region has all the ingredients to make gold work for family offices. First the region itself is a hot bed for investors, secondly precious metals especially gold are well revered and invested in and third Web3 technologies including tokenization on the blockchain is revolutionizing the precious metal industry in the region.

Family offices can make their tokenized gold work for them throughout the lifetime of their ownership.

According to Mark Gesterkamp, Chief Business Development Officer, Aurus Technologies, “By minting a digital representation of vaulted bullion in the form of tGOLD, tSILVER and tPLATINUM, precious metals can now be utilized and earn transactional revenue in the digital economy.”

The company does not sell gold, but utilizes software to make gold work for its owners by allowing these tokenized real assets to be transacted and traded. Mark explains, “Part of the transaction fees flow back to the bullion owners and providers.”

  

The Growth of Investors in GCC and MENA

Recent research has shown that there are nearly 6,000 UHNW (ultra-high net worth) individuals in the Middle East with a combined net worth of US $995 billion. The number of UHNW individuals in the region is expected to increase by 24.6% in the next 5 years while the region is also expected to remain the fourth largest wealth hub in the world.

In addition the UAE is increasingly becoming a hub for family offices, with some of the world’s big names setting up offices in the country to tap the market. The same can be witnessed in KSA, Qatar, and elsewhere.

As such the region is ripe with not only a growing number of family offices but wealth that can be deployed intelligently.

Growth of interest in Digital assets

HNWI individuals and family offices are increasing their exposure to alternative assets in the form of digital assets and the MENA region is no exception. The Ocorian report found that 90% of those surveyed said their clients are looking to include crypto and digital assets in their investment strategies.

The report noted that family offices run by younger tech savvy generations want to make a move into investing in crypto and digital assets yet remain concerned about the challenges and risks.

This is more reflective in the MENA region. The Lombard Odier report found that 79% of younger Middle East investors believe there are significant opportunities in the digital and tech sectors.

Mark believes that Aurus’s blockchain tokenization offering provides tech savvy young investors with a valuable investment opportunity, easing their concerns, by offering digital assets backed by gold, silver or other precious metals. He states “Gold is understood by all, and now the new generation can put it to work sustainably and with less risk than crypto.”

 

Bullish on Gold regardless of market trends

As economic difficulties prevail globally, with worries of inflation, recession, and banking failures, precious metals are set to shine.

Tresor Gold research stated that VC firms and family offices will increase gold allocations in next 18 months. The study covered investors in in Canada, Australia, the US, UK, UAE, France, Germany, Switzerland, Qatar and Saudi Arabia.

Yet regardless of whether precious metals are seen as bullish or not, just by tokenizing gold and making it work for owners, price fluctuations are no longer relevant.  

Mark explains, “Regardless of whether gold is bullish or not, owners who have tokenized their gold will continue to make money because of the transactions. AurusX our native token for example is like a hedge for precious metals. Holders of AurusX or their own tokenized gold can earn yields in any market condition because they earn for each transaction carried out.”

Gold Investment challenges overcome with Tokenization 

Tokenizing precious metals and gold on the blockchain relieves investors from the challenges faced from utilizing traditional gold investment vehicles.  

When investing in physical gold there are always extra costs for securing, insuring and storing the gold and in return liquidating the physical gold or earning yields is also difficult.

Even with Gold index funds, or ETFs (Exchange traded funds) while investors do receive passive earnings long term, these investors do not own the gold.

Investing directly in gold via gold shares (mine shares) of gold mine operators is risky as well, as it is dependent on the performance of the mining operator and the stock exchange.

With Aurus, there is a one to one backing of the underlying bullion generating yields, making most of the challenges a thing of the past. Mark confirms, “Aurus is setting the standard in precious metals tokenization adhering to the decentralized nature of the blockchain. We work with multiple storage locations around the globe including reputable partners such as Spanish refinery Sempsa JP and vaulting facilitator Brinks.”

The Aurus Opportunity a solution for all

Since 2018 Aurus has been a strong proponent of opening the precious metals market to everyone with a smartphone using the Aurus application.

The company is leveraging metal-backed blockchain technology to help gold, silver, and platinum businesses democratize these assets via the digital economy while earning passive rewards in the digital assets & DeFi space.

By modernizing the precious metals market with Web3 technologies, it is increasing access, usability & trust, ultimately unlocking global demand.

Mark concludes, “The total size of tokenized illiquid assets, including real estate and natural resources could reach $16.1 trillion by 2030. As such we are playing our part by offering an open ended solution that allows any party to bring gold to Web3 under the standards of both the London Bullion Market Association (LBMA) and DMCC (Dubai Multi Commodities Center). ” The bigger the Aurus system grows the more precious metals will be paid out to AX holders.”

For the first time in the region, Aurus will be offering gold tokenization solutions to family offices allowing them to put their gold to work and generate yields. Mark adds, “We welcome partners in the UAE and GCC to showcase our ecosystem and work together to tokenize part of their portfolio by taking either a direct position in Aurus TGold and TSilver or tokenizing their own gold or even investing in AurusX tokens.” Aurus is currently seeking to raise $500,000 from the sale of its AurusX Tokens.

Aurus is working with greener future in mind, by reducing CO2 emission. It is collaborating with green initiatives globally. Mark states, “Blockchain allows for easier and transparent collaboration with ESG initiatives and we will continuously seek partnerships in positioning precious metals towards a greener investing alternative. We aim to ensure everyone can buy precious metals on the blockchain in a more sustainable manner.”

For more info check out the Aurus video here: https://www.youtube.com/watch?v=AtFdmbHLoPg

Saudi Venture Capital invests in Web3 digital asset fund by UAE Shorooq Partners

Saudi Venture Capital invests in Web3 digital asset fund by UAE Shorooq Partners

The Saudi Venture Capital (SVC) has invested $30 million in the $150 million Bedaya Fund II, managed by UAE Shorooq Partners to back early-stage startups with a focus on fintech, digital assets, Web3, Metaverse, DeFi, and other areas.

At the launch of Bedaya Fund II, in a press release Shane Shin founding partner at Shorooq Partners stated,  “We have always been early movers, be that robo-advisory, crowdfunding, SME lending, open banking, card issuer processing, and so forth. We believe Web 3.0 models like DeFi, NFT, Metaverse are going to be the key players in the next iteration of online business.”

Bedaya Fund II is an early stage venture capital fund managed by Shorooq Partners. The fund is located in Abu Dhabi, United Arab Emirates and invests in Northern Africa, Jordan, Saudi Arabia, Turkey, United Arab Emirates, Pakistan. The fund targets investments in the fintech and software sectors.

On Pitchbook they benchmark the Bedaya II fund against EchoVC Chain Blockchain Fund,  an early-stage venture capital fund managed by EchoVC Partners, located in Lagos, Nigeria which invests in Africa. The fund targets cryptocurrency/blockchain sectors.

The subscription agreement between Saudi Venture Capital and Shorooq Partners was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC, and Mahmoud Adi, Founding Partner at Shorooq Partners.

Dr. Koshak commented: “The investment in Bedaya Fund II by Shorooq Partners is part of SVC’s Investment in Funds Program to support the growth of the VC ecosystem in Saudi Arabia for all stages and to fill financing gaps for early stages. SVC’s expansion in investing in early-stage funds comes as a result of the recent support from the SME Bank to increase the investment capital of SVC, leading to a total investment capital of $1.6 billion.”

Mahmoud Adi added: “We are privileged to have SVC as a strategic investor to Bedaya Fund II, again after our partnership in the prior fund (Bedaya Fund I). This commitment highlights the increasing confidence in Saudi Arabia’s thriving startup ecosystem. With our persistent focus in Saudi Arabia and leadership position across the Middle East, Bedaya Fund II is well-positioned to support the growth and innovation of early-stage startups.

SVC is a government investment company established in 2018 and is a subsidiary of the SME Bank, one the development banks affiliated to the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion through investment in funds and co-investment in startups. SVC invested in 38 funds that have invested in 674 companies through 1,257 deals.

Blockchain Research Institute partners with Saudi IR4LAB to spur Blockchain adoption in KSA

Blockchain Research Institute partners with Saudi IR4LAB to spur Blockchain adoption in KSA

The Blockchain Research Institute – Middle East (BRI-ME), the exclusive partner of The Blockchain Research Institute, an independent, global think tank, dedicated to exploring and sharing knowledge about the strategic implications of blockchain on business, government, and society co-founded by Dr Don and Alex Tapscott, has signed a partnership agreement with KSA based IR4LAB, a Saudi-based company specialized in disruptive technologies such as Blockchain and Artificial Intelligence, to develop and spread the blockchain adoption in Saudi Arabia and the MENA region.

The signing ceremony was held under the auspices of the Saudi Arabia’s Ministry of Communication and IT (MCIT) in Center of Digital Entrepreneurship (CODE) Riyadh headquarters. In attendance live from Canada was Dr Don Tapscott, well renowned global blockchain author and expert, and founder of BRI.

Key representatives from several Saudi governmental and private entities were present including MCIT, Communications space & Technology Commission, Saudi Aramco Entrepreneurship, Plug and Play as well as the Canadian embassy.

Both BRI-ME and IR4LAB will work together to collaborate in the area of blockchain technology research, consulting and development of solutions, use cases, as well as cooperate to organize blockchain events, training programs and workshops in the Kingdom and the MENA Region.

Majd AL AFIFI Co-Founder and CEO of IR4LAB, stated,”We are very proud of this partnership; it will bring much needed collaboration and cement Saudi Arabia’s position in Blockchain technology.”

Mohamed EL KANDRI Co-Founder and CTO of IR4LAB added, “Partnering with the largest Blockchain Think tank in the world is a landmark development for Blockchain adoption in the region, and we are happy to lead the way alongside likeminded partners”

Aline Daoud, Managing Partner and Founder at the Blockchain Research ME, said, “We are proud to join forces with IR4LAB who have been revolutionizing the Blockchain adoption in the Kingdom and the region. Together we will be fostering, growing, and supporting the interest in the blockchain technology in the country as we offer our joint trainings, research, events and consultancies. “

BRI-ME and IR4Lab took the opportunity to announce about the first upcoming event in Riyadh which will take place on the 19th of October 2023, The Web3 Summit: Blockchain and Beyond, will be a private event covering Blockchain for Oil & Gas, Banking & Finance, Supply chain & logistics, Smart Cities and Women in Web3. Dr Don Tapscott will be flying in all the way from Canada to address the audience with a 45-min keynote speech for the first time in Saudi Arabia. (More on the event can be found: https://web3summit-ksa.com/)

This comes after IR4LAB announced its expansion into Africa. 

Saudi-Based Blockchain Company IR4LAB expands its operations to Africa

Saudi-Based Blockchain Company IR4LAB expands its operations to Africa

During Gitex Africa, held in Morocco from 31 May – 2 June 2023, IR4LAB, a Saudi-based company specialized in disruptive technologies such as Blockchain and Artificial Intelligence., announced that it would be expanding its operations into Africa. The announcement was made during Gitex Africa. 

The expansion is part of IR4LAB’s commitment to the African continent and their aim to spur innovation in deep technologies and implement use cases utilizing IR4LAB’s Blockchain solution, DocCerts as well as other solutions offered.

Mohamed El Kandri, CTO and Co-Founder of IR4LAB, who made the announcement at the event, stated, “We are happy to be expanding into the African market. We believe that Africa’s digital economy will grow and we want to be part of this growth in innovation and digitization, but also building local capabilities right from Morocco to Africa”.

According to Mckinsey & Company, Africa’ digital economy should top $712 billion by 2050 fostered by its youthful population, smartphone adoption, and internet penetration.

Majd AL AFIFI, CEO and Co-Founder of IR4LAB adds, “More and more blockchain entities are setting up base in Africa, but we are glad that IR4LAB will be the first from Saudi Arabia to do so with the support of our leadership”.

This was not their first participation in Africa. In March at the first World Maintenance Summit 2023, held between 11th-12th May at King Mohamed 6 University in Marrakech (Morocco), organized by Morocco’s largest group OCP and its subsidiary OCP MS, IR4LAB presented on the use of Blockchain in industrial maintenance in general and specifically in industrial inspection.

At the event El Kandri highlighted the role that Blockchain could play in maintenance 4.0 and the benefits of using Blockchain in industrial inspection, he has also provided real life examples from IR4LAB’s current projects.

Prior to this During Saudi’s leading tech event LEAP 2023, held between February 7th-9th in Riyadh KSA, IR4LAB and SGS (Saudi Ground Services), jointly announced the implementation of DocCerts Blockchain management solution for all training related digital documents and ground service equipment licenses issued by SGS at 28 Saudi Arabian airports where SGS provides ground services.

IR4LAB, also recently was accepted into the Ministry of Communications Information Technology tech champions accelerator program powered by Silicon Valley’s Plug and play. Plug and Play was an early investor in Google, PayPal, Dropbox, LendingClub, N26, Soundhound, Honey, Kustomer, and Guardant Health.

MENA Bank receives award for its blockchain cross border payments solution and CBDC project with Central Bank of Bahrain

MENA Bank receives award for its blockchain cross border payments solution and CBDC project with Central Bank of Bahrain

MENA based Bank ABC has won two distinguished awards at Global Finance’s much-coveted The Innovators Awards -2023. The Bank’s innovation and digitization Centre, ABC Labs, has been named as one of “the World’s Best Financial Innovation Labs.

ABC bank is implementing the GCC region’s first blockchain based cross border instant payment solutions as well as CBDC project with the Central Bank of Bahrain. In 2020 The Central Bank of Bahrain collaborated with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency. The pilot was successfully completed in 2022. 

Bank ABC along with J.P. Morgan will pilot the transferring of funds from and to the Kingdom of Bahrain in US-Dollars for payments from buyers to suppliers. This will lead to suppliers being paid faster and buyers originating payments in shorter time periods without the need for holding funds in advance. The Central Bank of Bahrain will act as a close partner in the pilot between Bank ABC and J.P. Morgan and going forward would look to extend the collaboration to Central Bank Digital Currencies (CBDCs).

Global Finance’s Publisher & Editorial Director, Joseph Giarraputo notes, “Bank ABC continues to put digital innovation as a key strategic priority in providing world-class customer focused banking initiatives. It is playing a key role in the Gulf region’s first blockchain-based cross-border instant payment solution. Through ABC Labs, the Bank is collaborating with several central banks, including the Central Bank of Bahrain ‘CBB’, in studying and launching central bank digital currencies and is now scaling up its payment services for corporate clients.”

Bank ABC has also been presented with the ‘Top Innovations in Finance’ award, an accolade that underscores the Bank’s outstanding Digital Transformation Program which delivers an unparalleled, personalized banking experience to corporates and individuals.

The award was an acknowledgment of ABC bank’s commitment to emerging technologies such as AI, Blockchain and Data analytics.

Bank ABC’S Group CEO, Mr. Sael Al Waary said: “Innovation is at the heart of our strategy as we continue our digital transformation journey to build a more intuitive and sustainable bank of the future. We are honored and proud to accept this prestigious recognition for our world-class innovation lab, ABC Labs. This award acknowledges our commitment to staying ahead of the curve and embracing emerging technologies such as AI, Blockchain and Data Analytics. It is a testament to our commitment to delivering enhanced customer experiences and encourages us to continue to invest in our innovation and digital initiatives.”

Since inception, ABC Labs established the digital architecture and agile methodologies to enable the Bank’s strategic objectives. These steps enabled the launch of ‘ila Bank’ – a revolutionary digital mobile-only retail offering, and the development of an emotionally intelligent AI-powered digital assistant ‘Fatema’ among other achievements. Bank ABC’s digital transformation program has resulted in multiple ground-breaking digital deployments. Most recently, the Bank introduced a regional-first digital corporate onboarding service, reducing the account opening process to less than a day.  It is also digitising its Supply Chain Finance, Documentary Trade Finance and Cash management businesses.

Blockchain report shows that Blockchain will boost GDP by $2.1 trillion in growth markets including MENA

Blockchain report shows that Blockchain will boost GDP by $2.1 trillion in growth markets including MENA

A new report entitled, “Disrupt and Innovate: Harness the power of blockchain” published by Singapore Agile Dynamics, a research based consultancy services, blockchain technology will boost global gross domestic product (GDP) by US$2.1 trillion of the projected global GDP in 2030. Approximately half (49%) of the US$2.1 trillion will come from growth markets. This is especially important finding given the growth of blockchain implementation in the GCC and MENA region.

Countries such as Qatar, KSA, UAE, and even Oman are building their capacities and use cases utilizing emergent technologies such as blockchain, AI, IoT and others, and their GDPs will be positively affected.

As per the report as well, customized layer 1 blockchain protocol offers potential benefits such as increased financial inclusion, reduced transaction costs, and improved transparency – all of which align with the concept of technology sovereignty. It empowers entities to have ownership and control of their data, while safeguarding their sovereignty, reducing dependence on external entities, being more competitive on the global stage, and both encouraging and supporting domestic technology companies.

The report also noted that as per the study, 73% of respondents consider that a reduction in operational costs will be one of the main advantages of blockchain technology. This is followed closely by 67% of respondents believing that a key advantage of blockchain will be improving speed and efficiency. Other advantages noted include improving security and privacy (55%), bringing innovation (50%), and financial processes (44%).

Agile Dynamics explores what the future of blockchain technology could look like, including next generation technology characteristics. The report maps out three stages of the blockchain technology maturity journey, which it names as Emerging Blockchain Technology, Next-Gen Blockchain, and Fourth Generation Chain. In the latter, a permissionless, decentralized, scalable blockchain protocol will be achieved. It will be focused on interoperability challenges, designed to provide the fastest and most efficient cross-chain interoperability, speed, scalability, and security. It will also integrate micro-validation and tokenization, amongst numerous other benefits.

Speaking on the report and its contents, Paul Lalovich, Managing Partner at Agile Dynamics, said: “The world of blockchain is evolving rapidly, and is becoming an increasingly vital component of our ultra-connected world. Our report demonstrates how blockchain could be the most effective solution to begin a technology sovereignty journey, thanks to its ability to support the concept through providing decentralisation, data ownership and privacy, open source principles, trust and security, interoperability and more. By leveraging blockchain, you have the ability for more control and autonomy over your technology infrastructure and systems. This reduces dependence on external entities, and helps to safeguard your sovereignty. Blockchain is also a distinct and cost-effect means to stimulate innovation and foster growth, particularly in an economic context, and it has been demonstrated to be more cost-effective than any other technology for building out a project with the highest forecasted compound annual growth rate through to 2030.”

Lalovich continued: “Agile Dynamics is committed to helping organizations to harness the power of technology, to achieve digital transformation and to create differentiation by applying technology in a practical business context. We use deep insights derived from data, as demonstrated in ‘Disrupt and Innovate: Harness the Power of Blockchain’, in combination with extensive experience across industries and applications to help our clients realize business opportunities for growth.”

South Korean Blockchain developer WEMIX signs MOU with Abu Dhabi’s Hub71

South Korean Blockchain developer WEMIX signs MOU with Abu Dhabi’s Hub71

South Korean blockchain developer WEMIX and Hub71, Abu Dhabi’s global tech ecosystem, have signed a memorandum of understanding (MoU) to create and accelerate growth opportunities for their respective portfolio companies and Web3 startups.

WEMIX startups will have the opportunity to join Hub71’s community of over 200 startups and gain access to its range of value-add programs and incentives. Select startups will also benefit from the ability to scale globally through Hub71’s web3 and digital assets specialist ecosystem, Hub71+ Digital Assets, to unlock access to a host of programs, initiatives, and wide network of corporate, government and investment partners in the UAE and global markets.

 At the same time, startups within Hub71+ Digital Assets will be able to leverage the deep technical knowledge and expertise of WEMIX and its parent, Wemade, in different areas of blockchain technology including GameFi and DeFi.

“Developing strong partnerships with key stakeholders like Hub71 is an important part of our commitment to growing the blockchain ecosystem in the MENA region,” said Shane Kim, CEO of WEMIX Pte Ltd. “We are confident that this partnership will accelerate the creation of more opportunities for blockchain startups from across the world looking to expand into the Middle East and help realize our vision of developing a global blockchain economy powered by a wide spectrum of innovative applications that evolve past traditional technology barriers to drive sustainable future innovation.”

Elodie Robin Guillerm, Head of Growth and Strategy at Hub71, said: “The addition of WEMIX to our Hub71+ Digital Assets ecosystem is testament to the growth potential there is to be seized from Abu Dhabi. Hub71 truly values partnership and collaboration and by joining forces with leading blockchain companies like WEMIX, we can work together towards developing industry leading blockchain technologies to give rise to more opportunities for Web3 startups.” 

The WEMIX and Hub71 partnership will offer key advantages including  WEMIX ability to join Hub71+ Digital Assets and its ecosystem of leading regional and global partners of digital asset exchanges and service providers, technology providers, venture studios, venture capital funds, and blockchain platforms.

It also includes fast tracking of applications by WEMIX startups to join the Hub71 Incentive Program, designed to alleviate the cost and processes of setting up in Abu Dhabi, and dedicated resources for mentorship and technical support will be provided by WEMIX to Hub71 GameFi and DeFi startups

Finally the partnership will allow  Hub71 startups to access WEMIX’s global Web3 community and blockchain companies within the WEMIX ecosystem will also gain access to Hub71+ Digital Assets. 

This is the second MOU signed by WeMADE in the region. Prior to this WEMADE signed a Memorandum of Understanding (MOU) with KSA based Nine66, a Savvy Games Group (“Savvy”) company, to drive the development of the gaming industry in Saudi Arabia.

Earlier this year WEMIX expanded its presence into MENA with the opening of its office in UAE.

Saudi University published study on Smart Flood detection solution using AI, Blockchain and drones to save lives

Saudi University published study on Smart Flood detection solution using AI, Blockchain and drones to save lives

Saudi Imam Abdulrahman Bin Faisal University department of computer Science and Saudi Aramco Cybersecurity chair, published in MDPI a study for a solution for Smart Flood Detection to save lives using the integration of AI (Artificial Intelligence), Blockchain and drones.

According to the study, floods pose a serious risk and require immediate management and strategies for optimal response times. The Saudi city of Mecca has been impacted by climate change in the last decade as floods have increased despite the city’s location in the Arabian Gulf, which has a hot and wet climate. According to the General Authority for Statistics in Mecca, since 2010, the average peak rainfall has increased by 350%. Mecca experienced torrential rains on 23 December 2022, at least partly because of its location, surrounded by mountains, causing numerous vehicles to be swept away.

The authors propose a secure method of flood detection in Saudi Arabia using a Flood Detection Secure System (FDSS) based on deep active learning (DeepAL) based classification model in federated learning to minimize communication costs and maximize global learning accuracy.

As per their abstract, “We use blockchain-based federated learning and partially homomorphic encryption (PHE) for privacy protection and stochastic gradient descent (SGD) to share optimal solutions. Utilizing images and IoT data, FDSS can train local models that detect and monitor floods. The proposed FDSS enabled us to estimate the flooded areas and track the rapid changes in dam water levels to gauge the flood threat. This study concludes with a discussion of the proposed method and its challenges in managing floods in remote regions using artificial intelligence and blockchain technology.

The study introduces a drone application that uses blockchain to manage flooding in remote regions safely and in real-time. The framework can be helpful in missions based on both blockchain and IPFS. The proposed architecture of system nodes makes the process more secure by preventing information from being manipulated and enhancing the data analysis capability within the management system. In a blockchain network, the text data is recorded as part of the transaction information that is recorded during transactions. In addition, a visualization platform will allow access to transaction data, making it easier for operators to supervise their operations.

The study offers a scheme that improves the FL system performance by using DeepAL to select the optimal edge nodes and integrating the learned model parameters into a blockchain-based FL scheme to enhance the reliability and security of the FL system. This method is combined with modern cryptography techniques, such as homomorphic encryption, to achieve a high level of privacy and security capabilities.

In natural disasters, UAVs’ real-time data acquisition can prevent harm by controlling operations efficiently. They can be used to obtain aerial photographs and read water levels, wind speeds, and water speeds to predict weather events, prevent disasters, and aid rescues. These complex interactions can be achieved using AI, the computer-based system that executes tasks requiring intelligence.

With AI and machine learning, systems will be able to resist new, sophisticated attacks with shifting characteristics. Drones must be built with a collective machine-learning model integrating all data from IoT devices and webcams that can be sent to the MEC to create an algorithm with strong predictive capability.

The proposed framework assumes that UAVs collect data and MEC servers store it in the blockchain. This includes basic data, such as the device name, MAC address and type, and geographic data, such as latitude and longitude that help MEC servers acquire data. Before data is added to the blockchain, MEC servers verify UAV validity.

The study utilizes the Internet of Drones (IoD) which can help to save many lives during floods and other catastrophic weather events in places that are difficult for people to reach. IoT devices can be used to collect data on the location and status of people in the affected areas, such as their vital signs, to prioritize rescue efforts.

The data will be sent to a central server where deep-learning algorithms will be used to analyze the data and create a rescue plan. The plan will be sent to relevant organizations involved in the rescue efforts, allowing them to provide aid quickly and efficiently to those in need.

In conclusion the study believes that the system has the potential to significantly improve the efficiency and effectiveness of rescue efforts in disaster situations. By utilizing AI, blockchain, and IoT technologies, the system can quickly analyze large amounts of data and provide a comprehensive rescue plan, ultimately saving more lives.

49 percent of those surveyed by Saudi Ministry of telecom want to see IoT implemented while 10 percent want Blockchain

49 percent of those surveyed by Saudi Ministry of telecom want to see IoT implemented while 10 percent want Blockchain

Saudi Arabian unified national platform for government services recently carried out an interesting survey on twitter. It posted a general consultation request by the Ministry of telecom, Space and IT with regards to which emerging technology would citizens of Saudi Arabia like to see implemented in KSA.

People were asked to choose between IoT (internet of things), Blockchain, 3D printing and VR/AR/XR. 7895 votes were casted with 49 percent of them choosing IoT, with 10 percent choosing blockchain, 16 percent choosing 3D printing and 24 percent choosing VR/AR/XR.

This is interesting and shows that Internet of things and AR are the most popular emerging technologies among those who voted. In addition it seems that the Saudi government is interested in these four technologies.

This comes at a time when the Saudi Central Bank is moving forward to CBDCs, digital assets, and more. In addition recently many blockchain use cases have been launched in KSA.

But more eye opening is the recent news about UAE government and IOT Blockchain platform IoTa. Could this mean IOT and Blockchain will be the next use cases both in UAE and KSA?