The Riyadh municipality is working with the US technology giant IBM to implement blockchain technology in government and payment services, the ITP.net reported on Wednesday.
For future projects involving blockchain, IBM will work with Elm, the company that acts as a technology partner in Riyadh municipality. Together with local authorities, the two companies will work to expand digital applications, thus improving the quality of municipal services.
After identifying which services can benefit from the use of blockchain, IBM will first develop solutions at the municipal level and Elm will integrate them at government level.
The agreement that Riyadh has signed with the US group is in line with the economic path of the Arab kingdom, in particular with the so-called Vision 2030 plan. The strategy aims to transform Saudi Arabia from an oil-dependent country into a technological hub and commercial.
Among the most recent, an agreement reached in February between the Saudi central bank and Ripple for cross-border blockchain payments. Other examples are a partnership agreed in May with the US blockchain start-up ConsenSys and a decision by the local supervisory authority to award fintech licenses.
Speaking of the latest agreement, Elm Abdulrahman CEO Al Jadhai said it would considerably improve the methods and procedures of Riyadas municipal services. He went on to add that this highlights an e-government model.
Dr Abdulrahman Al Jadhai, Chief Executive Officer of Elm, said: “We are proud of the partnership that will significantly enhance the methods and procedures of the services provided by the Municipality. Elm is continuously applying its expertise, innovative capabilities, national talents and global partnerships towards the systematic digital development that ensures improved efficiency, in line with the Kingdom’s National Transformation Program 2020. The expertise of Elm will contribute to enriching customer experience, to build the best solutions for both public and private sectors and to contribute to the transformation towards an e-Government model, in line with the Saudi Vision 2030.”