Currently, E24P comprises Aergo, Blocko, the Western Union-owned remittance platform Topos, Abu Dhabi’s Al Nahyan family – one of the United Arab Emirates’ (UAE) six ruling families, and “a leading UK and China-based research institute.”
Aergo and Blocko, two blockchain firms backed by both Samsung and Sequoia Capital, announced the launch of a regional think-tank intended to bolster the adoption of innovative technologies across the Middle East, African, and South East Asian (MEASEA) regions on April 27.
The organization, Execution Intelligence Group (E24P) seeks to promote ‘smart’ governance, tourism, supply chain, and finance solutions that leverage blockchain coupled with artificial intelligence (AI).
DLT firms launch MEASEA-based blockchain think tank
The group seeks to advance practical applications of AI-integrated blockchain: “to generate economic opportunities that improve social outcomes, exploit new business models, and eliminate inefficiencies for governments and large corporations.”
The organization’s press release asserts that “too many projects involving blockchain are limited to proof-of-concept ideas that deliver no real business value,” emphasizing its desire to foster the development of “production-ready solutions that show immediate business results.”
E24P has scheduled several upcoming government briefings in Abu Dhabi, Jeddah and Riyadh.
UAE approaches end of ambitious DLT strategy
Over recent years, the UAE has emerged as a regional leader in the adoption of distributed ledger technology (DLT), launching the Emirates Blockchain Strategy 2021 plan in 2018 – a comprehensive roadmap for the migration of 50% of all government transactions on blockchain platforms by the end of this year.
The overhaul is expected to save 77 million work hours and $3 billion in eliminated transaction and document processing expenditures, and to reduce the number of documents printed by the government by 398 million annually.
Abu Dhabi’s ports and land registry have already adopted blockchain frameworks for logistics and title registration tracking.
AI-integrated DLT to revolutionize supply chains
E24P’s favored technological combination of blockchain and AI is increasingly being seen as the go-to solution for navigating complex supply chains.
Earlier this month, top 50 Canadian company Federated Co-operatives Limited (FCL) partnered with blockchain-based supply chain middleware platform, Morpheus.Network. The partnership will see FCL will deploy AI-integrated DLT to track the supply chains and record data pertaining to the 1,400 business and 23,000 workers encompassed by FCL.
The system will replace a predominantly manual process involving thousands of documents and certifications from over 150 suppliers were physically scanned and processed.
Samsung-Backed Blocko Launches in UAE After Dubai Blockchain Push
Blocko, the South Korean enterprise blockchain provider backed by Samsung, has launched in the UAE after raising funding in Asia Pacific and Europe, the company said.
In April 2018, the Dubai government announced the Emirates Blockchain Strategy 2021, where the UAE government will migrate 50 percent of its transactions – such as visa applications and bill payments – to a blockchain platform.
Upon Blocko’s official launch, the company entered a business and technology partnership with SEED Group, a conglomerate in royal family member Sheikh Saeed bin Ahmed Al Maktoum’s private office.
“It will enable the UAE to make its digital promise a reality for its government departments, citizens and businesses,” Hisham Al Gurg, CEO of SEED Group and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, said.
The Emirates Blockchain Strategy is expected to generate annual savings of $3 billion in transaction and document costs, eliminating 398 million printed documents and 77 million work hours.
Dubai has made multiple efforts to push forward the initiative, including regulatory reforms and a partnership with IBM for a city-wide blockchain project.
Before entering the UAE, the blockchain provider raised $16.5 million through two Series B rounds including an $8.9 million financing last June and a $7.4 million funding round in August.
Korea’s oldest bank, Shinhan, KEB Hana Bank, private equity firm LB Investment and Dadam Investment participated in the August financing, the company said.
Blocko will team up with Aergo, an operating platform to implement hybrid public-private blockchain technology for both government and enterprises in UAE.
“The company is now focusing efforts on bringing the Aergo platform to enterprises in the Middle East, looking to replicate its success in Asia and Europe,” according to Blocko.
“Many blockchain technologies in the Middle East are still in the proof-of-concept phase, Phil Zamani, the CEO of Blocko and co-founder of Aergo, said.
“As a hybrid blockchain, Aergo breaks through these barriers, unlocking new features that provide increased levels of efficiency, security, scalability and value.” he said.
Blocko is currently supporting more than 20 enterprise clients, aiming for 25 million daily users by supporting government bodies and other large enterprises in the Middle East.
The company rose to fame in South Korea after it became the full-scale enterprise provider for Samsung, Cisco, Hyundai Motors, and Gyeonggi-do province. It has offered 38 such blockchain solutions in the country.
Hong Kong-based platform Aergo secured $30 million from a syndicate led by investors Sequoia Capital China and GBIC, the company said.