Saudi Aramco partners with droppGroup to explore Web3 technologies

02/20/2023 15:29 • AI & Tech Insights • 99 views

It is reported that the energy giant Saudi Aramco has signed a memorandum of understanding (MoU) with the Web3 technology provider droppGroup to explore and jointly develop a series of Web3 technologies for the benefit of its workers, including potential induction, training ecosystem, as well as token networks and incentive schemes. It is reported that this cooperation is not the company’s first involvement in blockchain technology. At the beginning of 2020, the company invested $5 million in Vakt, a blockchain-based commodity post-processing platform. DroppGroup is a Web3 technology provider, whose technology stack includes artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized network and metacosmic environment.

Energy giant Saudi Aramco signed an agreement with droppGroup to establish Web3 technology

Interpretation of the news:

Saudi Aramco, the energy giant, has entered a memorandum of understanding with Web3 technology provider droppGroup to explore and jointly develop a range of Web3 technologies for the benefit of its workers. This partnership will delve into potential training ecosystems, induction programs, token networks, and incentive schemes.

It is noteworthy that this cooperation is not Saudi Aramco’s first inclination towards blockchain technology. In early 2020, the company made a significant investment of $5 million in Vakt, a blockchain-powered post-processing platform for commodities.

DroppGroup is a renowned Web3 technology provider, and its technology stack includes a fascinating array of advanced technologies such as artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized network, and metacosmic environment. The merger of these technologies can potentially transform and enhance Aramco’s employee-centric services and boost their overall productivity and satisfaction.

This collaboration showcases Saudi Aramco’s growing interest in advancing its technological know-how, particularly in blockchain-based systems. Such a move is crucial, especially considering the growing competition within the energy sector, and the need to cater to a younger, more tech-savvy workforce. By embracing such cutting-edge technologies, this partnership can enhance Aramco’s reputation as a forward-thinking organization whilst providing its employees with modern tools to succeed in their roles.

In conclusion, Saudi Aramco’s partnership with droppGroup signals a step towards a tech-enabled future, and their investments into blockchain and Web3 technologies shows an increased focus on digitalization. As the world’s largest oil producer and a prominent player in the global energy arena, embracing modern technologies can facilitate faster, more efficient, and cost-effective business operations, ultimately enhancing the company’s overall performance and profitability.

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Saudi Aramco partners with droppGroup to explore Web3 technologies

Energy giant Saudi Aramco signed an agreement with droppGroup to establish Web3 technology

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