AI and Blockchain Egyptian founded Tribal Credit to enter into KSA

AI and Blockchain Egyptian founded Tribal Credit to enter into KSA

AI and Blockchain enabled Tribal Credit, based in USA and founded by Egyptian entrepeneurs, which empowers SMEs in emerging markets through a comprehensive suite of financial products,payment tools will be expanding into Saudi Arabia, using a renewed and increased debt facility of $150 million with Partners for Growth.

Renewed through 2025, this upsized facility is not only a testament to Tribal’s remarkable credit performance but also an accelerator for the company’s ambitious growth plans in Mexico, Saudi Arabia and beyond.

As per the press release, this significant expansion will notably enhance Tribal’s presence in Saudi Arabia in accordance with applicable laws and regulations, serving as the core of its global expansion strategy. Further, it will fuel the company’s continued growth across Mexico and Latin America, enabling Tribal to bring more SMEs into the fold of its innovative financial services.

With over $200 million in funding from industry-leading investors like SoftBank, QED Investors, BECO Capital, Stellar Development Foundation, and Coinbase Ventures, Tribal is making strides in bridging the financial inclusion gap. Led by a team of accomplished entrepreneurs, data scientists, and banking executives, and recognized as a top fintech by leading industry bodies.

Over the past few years, Tribal’s diligent investment in credit processes, tools, products, and team has culminated in exceptional credit performance, even amid challenging market conditions. This achievement has facilitated a healthy revenue mix from both financing and payment products, reinforcing the company’s robust financial health and laying the foundation for sustainable growth.

Partners for Growth (PFG), a global specialty lending firm focused on emerging growth companies, highlights Tribal’s exceptional credit performance and sophisticated financial products. “Tribal Credit has consistently demonstrated strong credit performance even in challenging market conditions.

Their continued investment in the credit process, tools, and the team has paid dividends,” says Armineh Baghoomian, Managing Director, Head of Europe, Middle East and Africa, Co-Head of Global Fintech at PFG. “In addition, they have innovated and launched financial products that truly meet the needs of SMEs in emerging markets. We’re thrilled to extend our partnership with Tribal and excited to support Amr, Duane and the team as they continue shaping the landscape of financial services.”

Tribal has reshaped the financial landscape for SMEs in emerging markets by prioritising accessibility to credit and digital payments. In doing so, it has empowered a remarkable number of SMEs to fuel their growth, making a lasting impact in these markets. Throughout its journey, Tribal has facilitated a substantial volume of transactions via its corporate credit cards and B2B cross-border products, demonstrating its crucial role in empowering emerging markets.

“We’re delighted to fortify our partnership with Partners for Growth,” says Duane Good, Tribal COO and Co-Founder. “We emphasize building enduring relationships with our clients, and nurturing our ties with capital partners is equally essential.” Good, alongside Amr Shady, Tribal CEO and Founder, sees the enhanced debt facility as a testament to Tribal’s mission and potential. “This funding will equip us with the necessary resources to seize exciting market opportunities ahead,” Shady adds. “We’re eager to continue our journey of developing innovative tech solutions to help SMEs thrive in emerging markets, especially in Mexico and Saudi Arabia.”

In 2021, Tribal Capital received an initial $3 million from Stellar Development Foundation to advance blockchain products built on stellar. Tribal Credit first raised 5.5 million USD through an investment round led by UAE  BECO Capital and Global Ventures.

At the time Amr Shady, Tribal Credit CEO stated, “Our entire mission is about empowering startups and SMEs in emerging markets with access to financial services. Our focus starts in Mexico, a country that will benefit from global accessibility to banking services previously only available to large corporations. By tapping into Stellar’s existing and growing network of anchors, we will be able to leverage existing digital assets to bring our customers with fast, affordable cross-border payments, credit card balance settlement, and other innovative features of the Stellar blockchain that will benefit our global users.”

In addition Mohamed Elkasstawi, Tribal Credit Co-Founder and Chief Strategy Officer who leads the blockchain vision, strategy, and execution also noted “We see blockchain, and our integration with Stellar specifically, as a strategic next step for our business, offering us the ability to provide cheaper, faster payments for our customers,” said. “Working with the Stellar ecosystem, we’ll be able to leverage the network to deliver on some of our most important use cases — like facilitating  cross-border payments between businesses in previously underserved markets. This is only one of many exciting blockchain projects we’re working on in partnership with SDF.”

MENA receives $389 billion worth of crypto with Saudi Arabia seeing biggest growth

MENA receives $389 billion worth of crypto with Saudi Arabia seeing biggest growth

Chainalysis has completed its MENA section of its 2023 Geography of Cryptocurrency Report which will be out soon. In the report the MENA region is the 6th largest crypto economy of any region in 2023. There was an estimated $389.8 billion in on-chain value received between July 2022 and June 2023. This represents nearly 7.2% of global transaction volume during the period studied. However it is much lower that what was received in July 2021-July 2022.

MENA based crypto users had received $566 billion worth of cryptocurrency in one year from July 2021 to June 2022 which at that time was a 48 percent increase from 2020-2021.

MENA is also home to three of the top 30 countries in this year’s index: Turkey (12), Morocco (20), and Iran (28). However, Turkey dominates in terms of raw transaction volume, but interestingly Saudi Arabia comes in third in terms of crypto value received, with UAE coming in at number two and Turkey taking number one place.

Centralized exchanges and DeFi were the top services for receiving crypto value in the MENA region, with UAE receiving much higher share of crypto activity on DeFi protocols compared to other countries in MENA. In addition UAE crypto services were split almost equally between centralized exchanges and decentralized exchanges, while in KSA for example 48.6%went to centralized exchanges and 38.8% to decentralized exchanges.

According to the report no country has witnessed the growth of crypto transaction volume like Saudi Arabia has. KSA has witnessed year-over-year transaction volume growth of 12.0%. In fact, Saudi Arabia is one of only six countries to see any year-over-year transaction volume growth during the time period studied.

Chainalysis found that the crypto value received by the UAE was over US$34.9billion representing a decrease of 17% over the previous year. In Qatar there was a 26% decline, Oman 49% decline, Jordan 55% decline, and Lebanon 96% decline.

One of the most interesting findings was in the UAE where the majority of crypto transactions were for institutional investors. 67% of crypto transactions valued over $1 million were by institutional investors, while retail investors (up to $10,000) accounted for just 4.63%

“The fact that by far the larger portion of crypto investments in the UAE is for institutional and professional sized transactions, indicates an eagerness from organisations and high-net-worth individuals to add cryptocurrency to their investment portfolios. This market confidence is validation of the efforts being made by the country’s leadership to offer commendable regulatory clarity, and establish the nation as a global crypto hub,” said Kim Grauer, Director of Research at Chainalysis.

Saudi Arabia to host first Blockchain ticketed event, the Web3 Summit Blockchain and Beyond with IR4LABS

Saudi Arabia to host first Blockchain ticketed event, the Web3 Summit Blockchain and Beyond with IR4LABS

Saudi Arabia based IR4LAB, a specialized firm in disruptive technologies such as Blockchain and Artificial Intelligence with a MENA presence is implementing the first Blockchain enabled registration and certificate of attendance solution for the inaugural Blockchain Research Institute (BRI) Web3 summit being held on October 19th at the Four Seasons hotel in Riyadh KSA.

IR4LAB will be utilizing its blockchain based solution DocCerts to manage registration, and certificates of attendance for the inaugural Web3 Blockchain and beyond summit organized by the globally renowned Blockchain research Institute.

The Blockchain Research Institute Middle East, with branches all around the world, is known for their yearly summits led by their partner, the legendary Dr Don Tapscott who will be flying for the first time to the Kingdom addressing C-suites audience focusing on the topics of Blockchain for Oil&Gas, Supply chain & logistics, Smart Cities, Banking &Finance and Women in Web3. Organizers plan to hold this event yearly in Riyadh.

The Saudi Arabian events industry size was valued at $6.1 billion in 2021 and is expected to reach $17.6 billion by 2031. The solution implemented will offer, for the first time in the region, a blockchain registration certificate that will be granted to all attendees, be-it online or in-person.

The Web3 Summit: Blockchain and Beyond aims to bring together industry leaders, experts, and stakeholders to explore the advancements and potential of blockchain technology and web3. The summit will discuss five main relevant areas, all of which fall under the Saudi Vision 2030 focusing on the digital transformation which is currently happening in Saudi.

A keynote speech will be given by Dr. Don Tapscott one of the world’s leading Blockchain authors who has been vocal about the impact of technology on businesses and societies. Panels Topics will cover exploring the Use Cases of Blockchain in the Oil and Gas/Energy Market, implementing Blockchain in Supply Chain Logistics: Challenges and Best Practices, innovating Financial Services with Blockchain: Opportunities and Challenges, building the Cities of Tomorrow with Web3 Technology, and empowering Women in the Blockchain Ecosystem: Opportunities in a decentralized world.

Majd AL AFIFI Co-Founder and CEO of IR4LAB states, “Attendees and delegates to the summit will enjoy a novel event experience using blockchain technology. Our blockchain DocCerts solution will not only streamline the registration process and make it easier, simpler and more transparent but it will also grant certificates of attendance to attendees in a digital environmentally friendly fashion. We stand ready and work diligently to make blockchain a part of our everyday lives meeting the Kingdom’s Vision 2030.”

Mohamed EL KANDRI Co-Founder and CTO of IR4LAB, stated, “Blockchain technology can address four significant challenges in the industry: fake tickets, ticket scalpers and bots, security and data. I think that more than ever, it is crucial for organizers and venues to understand their audience better, to tailor specific offers and to create new and more qualified leads. Blockchain registration allows organizers to issue digital tickets that are unique, tamper-proof, and traceable. Additionally, blockchain enables organizers to track the entire lifecycle of a ticket, from its creation to its redemption, which can help prevent scalping and unauthorized reselling.”

Aline Daoud, Managing Partner at the Blockchain Research Institute Middle East added “We take pride in walking the talk. We have been internationally vocal about Blockchain and the successful use cases that are being implemented around the world; with the use of DocCerts solution in our event, we are allowing our attendees to have hands-on experience on a simple yet valid blockchain implementation. We look forward to having our prominent local, regional and international speakers who will be exposing other successful use cases covering the 5 themes that the summit focuses on, all of which are part of the Saudi Vision2030”

According to a report by MarketsandMarkets, the blockchain in the event ticketing market is projected to reach $468.3 million by 2023, with a compound annual growth rate of 39.3% from 2018 to 2023.

Another study by Grand View Research predicts that the global blockchain in the media, advertising, and entertainment market size will reach $1.57 billion by 2030, driven by the increasing adoption of blockchain in the ticketing industry.

The Web3 Summit Blockchain and Beyond will host 500+ delegates from the Gulf region and 70+ experts from all over the world created as a practical initiative aligned with the vision of 2030 objectives by paving the way towards Blockchain adoption under the emerging technologies umbrella set by the Kingdom’s vision.

Saudi Arabia moving forward with blockchain and Web3 through new royal partnerships

Saudi Arabia moving forward with blockchain and Web3 through new royal partnerships

Saudi Arabia is moving forward with Blockchain and Web3 with partnerships such as the one between Indian Beyond Imagination technologies, a blockchain Web3 tech company and Saudi Aba’ad Alkhayal software company Co-founded by Princess Hesah Al Saud.

With this partnership Beyond Imagination technologies will expand into the Middle East.

Aba’ad Alkhayal is a Saudi-based software company that leverages the latest technologies like blockchain and artificial intelligence to help businesses thrive in the digital age.

The partnership aims  to ideate, develop, and deploy solutions that will help Middle East clients with blockchain. The move comes as part of the company’s commitment to fostering blockchain adoption and innovation across various industries in the region.

“We are thrilled to embark on this exciting journey, committed to reshaping the future of technology,” said Princess Hesah Al Saud, Co-Founder, Aba’ad Alkhayal. “With this partnership, we envision a future where we harness the power of blockchain to unlock the full potential of our economy. This new beginning will pave the way for digital transformation, creating countless employment opportunities for our citizens and empowering our students with the knowledge and skills needed to embrace this digital revolution. Thus, we aim to drive positive social impact and create a better tomorrow in Saudi Arabia through technology.”

Beyond Imagination Technologies will provide its flagship solution BitMemoir to Aba’ad Alkhayal, which will help clients with digital certifications. Users can convert personal identifiers, property documents, and other sensitive materials into digital certificates, or NFTs, and store them in their own wallets. By utilizing blockchain technology, BitMemoir enables users to own their personal documents in perpetuity.

“We are excited to bring our cutting-edge blockchain solution to the Middle East, “said Mr. Nikhil Goyal, Co-Founder – Technology, Aba’ad Alkhayal. “Our expansion into this dynamic region marks a significant milestone in our journey to revolutionize industries and empower businesses with the potential of blockchain technology. We firmly believe that blockchain has the power to reshape the future, and we are committed to being at the forefront of this transformation.”

He further added, “By 2030, Saudi Arabia aims to unleash the full potential of its citizens and resources, embracing digital transformation to forge a brighter, interconnected future for all. This ambitious path includes the transformation of the Kingdom into a fully digitized society, a beacon of technological advancement and innovation. Thus, being the frontrunners in the blockchain space, we want to contribute to this aim of the nation to our full potential.”

As part of its expansion strategy, Beyond Imagination Technologies plans to establish more regional offices and collaborate with local partners to enhance its reach and support customers more effectively. By engaging with the vibrant Middle Eastern community, Beyond Imagination Technologies seeks to foster knowledge sharing, workshops, and events to promote blockchain education and awareness.

Saudi Arabian SABIC petrochemical manufacturer launches blockchain project to trace their carbon footprint

Saudi Arabian SABIC petrochemical manufacturer launches blockchain project to trace their carbon footprint

Saudi based SABIC, one of the world’s largest petrochemicals manufacturers has launched a blockchain pilot project to trace the carbon footprint of specific material streams from end to end. SABIC will work with Circularise, a blockchain software provider.

According to SABIC release, blockchain technology has emerged as a potentially efficient solution to improve the process that can bolster transparency and accountability while minimizing risk across supply chains.

SABIC’s project will employ Circularise’s technology to capture emissions across the value chain by deploying a consistent methodological and reporting framework accepted by the industry. Scope 1 and Scope 2 data captured at the material level can be used to generate Scope 3 CO2 emissions for the full value chain of targeted industries.

In addition to increased transparency, the use of Circularise’s Smart Questioning technology will benefit SABIC’s entire value chain by reducing the administrative efforts associated with the data collection and providing access to upstream and downstream data provided by value chain participants, from recyclers to converters to original equipment manufacturers, among others. 

“This blockchain pilot project reaffirms SABIC’s dedication to accelerating the sustainable transformation of our industry through strategic partnerships and innovative new technologies,” said Waleed Al-Shalfan, Vice President of Polymers Technology & Innovation at SABIC. “Accurately mapping emissions, especially Scope 3 emissions, will allow SABIC and others to identify and minimize hot spots along the value chain, a critical tool in our pathways to decarbonization. We encourage other upstream and downstream partners to join and consider how this technology can unlock sustainable growth at every level moving forward.”

“We’re proud to collaborate with SABIC in tackling the pivotal challenges of Scope 1, 2, and 3 emissions accounting, which encompass issues like information accessibility, confidentiality, and scalability of data sharing among suppliers,” said Mesbah Sabur, Founder of Circularise. “As part of this project, Circularise aims to pilot blockchain-powered digital product passports and help businesses to track product emissions on a large scale and over time, generating comprehensive product life cycle emission reports.” 

This project marks another way in which SABIC is leveraging innovative partnerships to reduce emissions and help meet its commitment of becoming carbon neutral by 2050. Earlier this year, SABIC joined Together for Sustainability (TfS), a procurement-driven initiative created by chemical companies with the goal of assessing, auditing, and improving sustainability practices within their supply chains. As a member of TfS, SABIC will foster collaboration around increasing transparency in upstream value chains to support further reductions in Scope 3 greenhouse emissions. 

This collaboration with Circularise also marks SABIC’s second blockchain application project. Last year, SABIC launched a pilot project with Finboot, Plastic Energy, and Intraplás to evaluate the use of blockchain technology in supporting end-to-end digital traceability of circular feedstock in customer products.

USA based Meer Energy aims to bring Carbon Credit NFTs, Bitcoin mining and Blockchain AI datacenters to KSA

USA based Meer Energy aims to bring Carbon Credit NFTs, Bitcoin mining and Blockchain AI datacenters to KSA

USA based Meer Energy, Co-Founder Abdullah Han, was one of the speakers in June 2023’s 10th Arab China Business Conference, in Riyadh KSA, under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, where he met with positive feedback for his concept of developing a Blockchain AI Bitcoin and carbon credit mining datacenter in the country.

In an interview with LaraontheBlock, Han explains why he participated at the Arab China Business Conference and how his business model was received.

According to Han, Meer Energy a US based company for Bitcoin mining which utilizes flared gas to power its datacenters is working to expand its business model which includes Blockchain, AI datacenter as well as Carbon Credit tokenization to the Middle East, African and Asian region.

Han believes that the future of industrialization will be driven by blockchain and AI (Artificial Intelligence) and this requires energy and hashpower, more specifically sustainable hashpower that can support AI and Blockchain development of use cases.  He states, “We are trying to use waste energy from oil and gas, flared energy and renewable energy to create cheap energy that powers AI and Blockchain, Bitcoin mining, and carbon credit tokens. We already have a joint venture with Asian investors to deliver datacenters in the USA.”

Meer Energy’s value proposition is to utilize the flare gas sites in the MENA region, such like those in Iraq, KSA and others to power big datacenters. As he explains, countries such as Iraq have a huge headache in dealing with their flared gas as they are unable to connect it to the electricity grid given their remote location, and the inability to connect pipelines to dry processed gas. So by combining energy from flared gas with AI and Blockchain a lot of projects become viable and economically  attractive.”

For Han, Meer Energy will use 95% of the hashpower of its datacenters to mine Bitcoin, and use the remaining 5% to power high performance blockchain, and AI projects. He gives the example of carbon credits NFTs which will be mined directly from the datacenter. The datacenter will use smart contacts to monetize carbon credits into NFTs creating revenues of $1 million per month.  He explains, “Each Megawatt produced by a datacenter can produce 5000 carbon credits, nearly 1 million dollars in revenue alone , I call it your mining.”

Another example that HAN gives for utilizing datacenters is in the mining of CBDCs. As Han explains, “While countries in developing nations start to issue CBDCs they will face two issues either using private blockchains such as for example Hyperledger or public blockchains such as Ethereum, they will face issues of not holding hashpower of these blockchains, not having a stake in them. By utilizing datacenters on the sovereign ground of a country, central banks can utilize flared gas to power their own CBDC.”

So Han believes that while governments may not want to discuss Bitcoin mining they are interested in discussing how integrated datacenters can support blockchain use cases in combination with AI while affording a sustainable climate program using carbon credits.

According to Han, he is approaching MENA governments and investors with a new concept. While in the USA, Bitcoin is connected to Wall Street, in developing countries the government is behind it. 

As per Han today we are seeing a move towards de-dollarization in KSA, Russia, Iran, and UAE. He explains, “All governments will realize that strong money will drive weak money out of the system. In the 1970s crude oil and dollar were anchored together, but today we can have what I call gas Bitcoin or energy Bitcoin, which could replace the petro dollar.  The new possible global monetary system could be Bitcoin, utilized as a new global reserve system and settlement system. Those leaders with a vision and forward looking approach understand this. They by mining Bitcoin can have a share of a global decentralized banking system. This is one way to understand Bitcoin from a geo-political perspective. So when I speak to MENA policy leaders I don’t invite them to mine Bitcoin, I invite them to subscribe in shares to a decentralized global bank.”

Han believes this could be tested in for example NEOM city which is powered by Blockchain and AI, because in the city of the future there is also need for the governance of the future and this includes circulation of money. This according to Han could be tested in a controlled environment to see what happens.

Meer Energy is seeking to raise $5-6 million at a valuation of $40-50 million. During Han’s trip to KSA there was very positive feedback not only from investors but policy makers. Han states, “The concept was well received.” 

As for the future Han believes that his proposal allows Bitcoin mining datacenters to survive the halving of Bitcoin. He states, “By combining bitcoin mining with carbon credits regardless of what happens to the price of Bitcoin after halving whether it remains the same or goes up to $50,000 we will still be able to make revenues from carbon credits and will survive while other companies go bankrupt.”

He also believes that these datacenters can create smart contracts for Islamic economy whether related to Hajj, Sukuk and others.

According to the data provided by the Hashrate Index, bitcoin miners in the UAE should produce approximately 13 EH/s, which is equivalent to 3.7% of the total Bitcoin hash rate at an assumed average energy efficiency of 30 J/TH. This comes as the UAE becomes an attractive hub for crypto mining. 

Marathon Digital Holdings confirmed earlier in 2023 that the company along with Abu Dhabi based Zero Two (Registered name FS Innovation), an emerging blockchain and digital assets infrastructure development company, will be launching the two digital asset mining sites with a combined capacity of 250 Megawatts in the sustainability hub of Abu Dhabi Masdar City and the port zone of Mina Zayed by the end of 2023.

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.

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.

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.