Energy major Saudi Aramco inks Web3 tech deal with droppGroup

Saudi Arabian Oil Group (Saudi Aramco), has signed a memorandum of understanding (MoU) with droppGroup to co-developing a range of Web3 technologies.

The Web3 is the third generation of the internet-driven by blockchain technology.

Via the deal, Saudi Aramco’s employees will be provided with applications that include potential onboarding, training ecosystems, as well as a tokenized network and rewards program.

In 2020, Aramco invested $5 million into Vakt, a blockchain-based commodities post-trade processing platform.

New York-headquartered droppGroup is a Web3 technology provider whose tech stack includes artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized networks, and metaverse environments.


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