Saudi Aramco partners with DroppGroup to develop Web3

Saudi Aramco, the world’s largest oil company, has announced a partnership with droppGroup to explore the development of blockchain-based Web3 technologies. The aim of this collaboration is to improve the working conditions of its employees, offering them innovative solutions such as: training programs, a token network and reward programs.

Saudi Aramco explores blockchain to improve working conditions for its employees

Monday, February 20, Saudi Arabian Oil Group (Saudi Aramco), the national hydrocarbon company of nearly 2,000 billion dollarsconcluded a memorandum of understanding with DroppGroup. According to a press release from Coindesk, this collaboration aims to improve the working conditions of Aramco thanks to blockchain technology.

While some may be surprised to see an oil company jump into blockchain technology, it’s worth remembering that Aramco is known for being at the forefront of innovation in the energy field. Indeed, the company has already invested $5 million in Vakt, a blockchain-based post-trade commodity processing platform.

By partnering with DroppGroup, Aramco Will be able to benefit from its expertise in blockchain and web3 technologies. The New York-based company has a comprehensive technology stack, including artificial intelligence, machine learning, extended reality and metaverse environments.

A collaboration that could help blockchain adoption in other industries

The collaboration between Saudi Aramco and DroppGroup represents an opportunity for the Saudi national oil and gas company to improve the working conditions of its employees by leveraging blockchain technology. This alliance is a major step in the adoption of new technologies to optimize business processes and improve the quality of life for workers.

There’s no denying that decentralized technologies are gaining popularity, and giants such as Google Cloud and Microsoft are now moving in this direction. The partnership between Saudi Aramco and DroppGroup to explore Web3 and blockchain technologies illustrates this trend and may encourage other companies to follow suit.

Such collaborations would pave the way for a wider adoption of blockchain technology, which could drive innovation and foster more sustainable solutions across a variety of industries.