A recent announcement by Saudi Arabian Oil Group (Aramco) disclosed partnering with droppGroup to pursue blockchain-based technologies that would benefit staff. The state-owned energy giant, with an estimated valuation of nearly $2 trillion value confirmed the signing of the memorandum of understanding (MoU) with the droppGroup.
Exploring Viable Web3 Technologies for Co-development
The agreement details that droppGroup and Aramco would collaborate as they explore the viability of co-developing multiple Web3 technologies. In particular, the agreement obliges both parties to explore the viability of exploring viable blockchain-based technologies they could develop.
The recent update by Aramco lauded the agreement as facilitative to leverage the Web3 capabilities as a third generation of internet propelled by blockchain technologies to support applications to improve employees’ wellbeing. Besides the potential to ease employees’ onboarding, Aramco targets to utilize the web3 applications to revamp the existing training ecosystem.
Aramco Employees to Benefit from Network Tokenization and Facilitated Onboarding
The agreement identifies that though headquartered in New York, droppGroup would operate from its Saudi office. Doing so would sustain proximity to Aramco being the recipient of the web3 technologies.
droppGroup reassured that the web3 technologies would ease the efforts to tokenize the network and expedite the implementation of the rewards program for existing employees.
The agreement portrays Aramco’s devotion to tapping the emerging opportunities blockchain technology presents. Previously, the energy company allocated $5 million in 2020 to the Vakt. It involved a blockchain-based platform in easing the post-trade processing of commodities.
Aramco lauded droppGroup for assembling a composite technology offering comprising artificial intelligence and tokenized networks integrated with machine learning. Aramco confirmed that an extended reality blend with metaverse context would offer a distinct workplace.
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