IBM Selected as Blockchain Integrator In Riyadh Government Systems
Saudi Arabia’s capital city has come to a deal with IBM to transfer the city’s governmental services to a blockchain platform designed by the company. According to statements, the city plans on working side by side with IBM and Elm Company, another city partner to create a network designed to house governmental and public services for its residents.
The three partners will collaborate with private and state-owned industries and further expand its network to include important governmental facilities and departments. Together, all involved members will discuss what services for government and public use will be able to transfer onto the new network and be utilized through blockchain technology.
The network will be designed over two stages. The first will oversee IBM design the blockchain structure and Elm will complete the second stage by introducing public service technology into the blockchain.
GM of IBM in Saudi Arabia stated that through full cooperation between all three parties, the government will be able to further develop and enhance the services provided for every resident and business within Riyadh.
The Kingdom's Vision 2030 project was a contributing factor of the Municipality's plan to introduce blockchain into its governmental systems. The program was launched by the Crown Prince of Saudi Arabia two years ago.
In the long run, Saudi Arabia plans to relieve the dependency of its economy on oil trade by introducing new technology like blockchain to open up new investment opportunities for the Kingdom and its resident investors.
The new announcements to apply blockchain align with the initiative's plans to shift the economic dynamic of Saudi Arabia and enhance state and public services within its walls. Earlier this year, the SAMA was the first monetary authority to join Ripple’s blockchain and plans to oversee a long-term integration of banks participating in the blockchain to provide more efficient transparency for instant fund transfers with the Kingdom.