The BSV blockchain is rapidly making headway in the Middle East, and a recent memorandum of understanding (MoU) in Saudi Arabia is bound to push this adoption to the next level. Jimmy Nguyen, the Founding President of the BSV blockchain’s association, announced that they have partnered with a Saudi firm to launch an incubator for blockchain startups, with a focus on the BSV blockchain. As Nguyen told CoinGeek Backstage, blockchain technology is bound to play a key role in the accomplishment of the Saudi Vision 2030.
The BSV blockchain’s association and its delegates have been invited by Expert Vision Consulting (EVC), one of the leading digital transformation consulting firms in the Kingdom of Saudi Arabia, in Riyadh to discuss the BSV enterprise-grade blockchain and its data power to make a better world for the Kingdom. On the sidelines of the event, Nguyen announced that the industry organization has partnered with EVC to launch an incubator for blockchain startups.
“Dr. Basim [Zafar, who’s the CEO of EVC], who’s become a key ally here in the Kingdom to drive blockchain growth with BSV has announced the creation of B Venture Studio, which is essentially an incubator-accelerator type of program to foster the growth of startup ventures particularly in the Kingdom of Saudi Arabia that want to use blockchain with a focus on BSV,” he said.
The new venture will join London-based incubator Satoshi Block Dojo in fostering the next generation of BSV startups.
In addition, Nguyen also revealed that during LEAP 2022, the BSV blockchain’s association also signed an MOU with the Ministry of Communications and IT to launch a blockchain academy, which he described as “the first of its kind in the Kingdom, focused on BSV.”
The academy, paired with the incubator gives key education of the developers—student level and business executives—fostering business and technical skills necessary to launch a successful startup venture.
“That’s a win-win combination, and you know I like a win,” Nguyen said.
Being close to the holy city of Mecca, Nguyen drew parallels between faith and the blockchain, telling CoinGeek Backstage, “That’s what life is really about – what are our beliefs?”
“For us in the blockchain space, what we’re trying to drive belief in is a better world with more efficient data, more honesty in the world to empower everyone, from individuals, businesses to governments to act and deliver better services to humanity,” he said.
The Kingdom of Saudi Arabia is primed to become a leader in blockchain technology, given how driven it is to digitally transform itself and diversify its economic sectors, reducing overdependence on the oil and petroleum industry, Nguyen believes.
The Kingdom is bringing together all the key aspects of the Fourth Industrial Revolution including blockchain, AI and other emerging technologies, he noted. This combination of technologies will be the key driver of the Saudi Vision 2030 which has led to a rapid acceleration in adoption of emerging technology, both by private and public institutions.
The BSV blockchain’s association continues to have key meetings with other government agencies and ministries to discuss other pilot projects, Nguyen said. While he couldn’t reveal these projects as they are still in their infancy, he expressed his excitement that “they recognize in the Kingdom that blockchain technology at scale can be the data infrastructure for not just the Fourth Industrial Revolution, but for the accomplishment and implementation of Saudi Vision 2030.”
Watch: LEAP 2022 Saudi Arabia highlights with Becky Liggero
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