Saudi company Elm is going into a partnership with IBM to facilitate the implementation of blockchain in Riyadh municipality.
ITP.net, a Dubai-based news agency reported on Wednesday that Riyadh municipality would be going into a partnership with US technology Giant IBM to enable the implementation of the blockchain technology in payment and government services.
Riyadh is working with Elm technology company to link up with IBM. Elm, in collaboration with IBM and the local authorities will facilitate all future projects in this municipality. The participating parties in this grand project will work towards expanding digital applications to improve the quality of service delivery in Riyadh. In the initial stages of this project, IBM will first identify the services that will benefit from this technology and develop solutions for them at the municipal level, then Elm will take over and integrate those solutions at the government level.
This project is part of Saudi Arabia’s Vision 20130 plan that seeks to change the kingdom from an oil dependent region to a region of commerce, industry and technology. Riyadh has since signed an agreement with the US group that will align the country’s economic path with its future prospects.
Saudi Arabia has taken positive steps towards making this program a success since its launch in 2016. The most recent one includes a deal reached between the Saudi central bank and Ripple, that will enable cross-border payments on the Blockchain. This deal happened on the February of this year. Other partnerships include that with the US blockchain start-up ConsenSys in May this year. The local securities regulator has agreed to award fintech licenses.
Abdulrahman Al Jadhai, the Chief Executive Officer (CEO) of Elm asserted that the latest agreement would significantly improve procedures and methods of providing services in Riyadh municipality. He is optimistic that the deals are setting the government on the right path towards achieving an e-government model.
Tarek Zarg El Aioun added that in addition to the IBM, Elm and Riyadh blockchain project going along way in improving service delivery to the people of Saudi Arabia, it always plays a vital role towards the attainment of the ultimate goal of Saudi Arabia’s Vision 2030.
IBM is one of the leading companies diving into Blockchain. They have been featured in our news section quite a few times in the last two weeks: