The International Business Machines (IBM) corporation does not miss any opportunity to get involved in blockchain-based projects. The latest proof is the collaboration with Saudi Arabia.
Not surprisingly, the tech giant IBM is looking for new opportunities to grow its business through innovation. Riyadh-based authorities announced that will collaborate with IBM to introduce blockchain features within the government system. The project will also be supported by Elm Company.
The government is tending to simplify the trading process for local residents. Following the implementation of the project, the state body intends to promote the project in other cities or even more- to propose a national blockchain-based system.
“Through the collaboration between Riyadh Municipality, Elm and IBM, we will be able to help the Saudi government reimagine and transform the way in which services are provided to citizens, residents, businesses, and visitors,” the General Manager at IBM Saudi Arabia claimed.
The collaboration of the three institutions comes as a result of the Vision 2030 program launch by the Saudi Arabian royalty. The main goal is the development of the national economy. Saudi Arabia also aims to balance territory reliability via oil and transform the country into an investment hub by promoting the private sector.
“The decision to integrate government services and transactions onto a blockchain is part of the broader Saudi Vision 2030 program, an initiative enacted by Saudi Arabia’s Crown Prince Mohammad bin Salman in 2016. The “long-term” plan sees the country’s rulers making a “serious attempt” to transition the economy away from its overwhelming dependency on oil and the state through substantial investments in the private sector.
The new blockchain endeavor is in accordance with Vision 2030’s directives, Al Riyadh secretary Tariq bin Abdul said, underlining decentralized blockchain tech as the chosen solution to improve municipal operations and services to citizens.”
Nonetheless, through this project, the capital of Saudi Arabia could become a pillar of the blockchain revolution within government systems. Once a new system is adopted, the other countries will follow it, or even more, will improve it.