Saudi Arabian Oil Group (Saudi Aramco), one of the world’s largest energy companies, has announced a partnership with Web3 technology provider droppGroup.
The state-owned company has signed a memorandum of understanding (MoU) with droppGroup to explore the co-development of a range of Web3 technologies, according to a press release shared with CoinDesk.
This collaboration will focus on creating blockchain-driven applications that could benefit Aramco employees, including on-boarding and training ecosystems, tokenized networks, and a rewards program.
As a Web3 technology provider, droppGroup’s tech stack includes artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized networks, and metaverse environments.
With operational offices in both New York and Saudi Arabia, droppGroup is well-positioned to work with Aramco to develop and deploy these technologies.
This isn’t Aramco’s first foray into blockchain technology. In early 2020, the company invested $5 million into Vakt, a blockchain-based commodities post-trade processing platform.
The company’s partnership with droppGroup is another indication of its growing interest in Web3 and blockchain technology.
For droppGroup, this partnership with Aramco is a significant step forward in expanding its reach and impact. As a provider of Web3 technologies, droppGroup is focused on creating cutting-edge applications and experiences for users.
By partnering with Aramco, the company will have the opportunity to apply its expertise in a new and exciting context, potentially driving innovation in the energy sector.