Samsung-backed Blocko partners with royal family to launch in UAE

Samsung-backed Blocko partners with royal family to launch in UAE

Blocko, a blockchain services provider, has launched in the United Arab Emirates (UAE). The company partnered with SEED Group, a member of the private office of the country’s royal family member, Sheikh Saeed bin Ahmed Al Maktoum’s. Blocko is expected to play a big role in the country’s push to integrate blockchain technology into at least 50% of its processes by 2021.

Based in South Korea, Blocko has grown rapidly and now counts Cisco, Samsung, Hyundai Motors and South Korea’s Gyeonggi-do province as some of its clients. Having found success in Asia and Europe, Blocko is seeking to replicate this in the Middle East.

The company’s Aergo blockchain platform has been applied by its clients for several purposes, the company’s CEO Phil Zamani told Arabian Business. He explained, “We launched Aergo in response to the growing need for data sharing between industries and companies in areas such as identity verification, document management and the Internet of Things – the same areas in which the Middle East in particular is seeking practical solutions.”

Backed by Samsung, Blocko’s success has attracted plenty of investors. As CoinGeek reported in August, the company raised $7.5 million in Series B+ funding round led by Korea’s oldest bank Shinhan. Other participants in the round included KEB Hana Bank, LB Investment, Big Hit Entertainment and Dadam Investment. In a previous round in June last year, the company had secured $8.9 million in funding from Samsung, SparkLabs Ventures, Daesung Private Equity and more.

Blocko’s solutions have been applied by the Korea Exchange, Shinhan Financial Group, the Korea Electronics and Telecommunications Research Institute, Hyundai Motors, Cisco, Samsung and more.

The company’s solutions are in great demand in the Middle East, the CEO of SEED Group Hisham Al Gurg believes, He stated, “The UAE and the wider Middle East region are constantly seeking advanced blockchain solutions for government and digital services. And so, we recognised the partnership with Blocko and Aergo as a solution to satisfy the increasing need for companies working at the highest level of scale and security.”

The UAE has continued to push for blockchain integration, recently rolling out a blockchain-powered system for its healthcare data. Launched by the country’s Ministry of Health and Prevention, the system is expected to cut down on associated costs and time, while improving efficiency and data integrity.

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