Energy Giant Saudi Aramco Signs Agreement With droppGroup to Build Web3 Tech

Saudi Aramco will explore co-developing blockchain-based technologies that could benefit its workers.

AccessTimeIconFeb 20, 2023 at 3:00 p.m. UTC
Updated May 9, 2023 at 4:08 a.m. UTC

Saudi Arabian Oil Group (Saudi Aramco), the near $2 trillion state-owned energy company, has signed a memorandum of understanding (MoU) with droppGroup to explore co-developing a range of Web3 technologies, according to a press release shared with CoinDesk.

The Web3 (the third generation of the internet driven by blockchain technology) applications will be aimed at helping Aramco's employees. This includes potential on-boarding, training ecosystems, as well as a tokenized network and rewards program.

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  • The collaboration 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.

    DroppGroup, a Web3 technology provider, has a tech stack that includes artificial intelligence (AI) and machine learning (ML), extended reality (XR), tokenized networks, and metaverse environments.

    The New York-headquartered firm droppGroup also has an operational office in Saudi Arabia.

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    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.