Saudi Arabia’s STC and ConsenSys Launch Blockchain Sandbox Framework

Saudi Arabia’s STC and ConsenSys Launch Blockchain Sandbox Framework

October 19, 2018

Saudi Telecom Company, STC, in collaboration with Ethereum-focused development studio ConsenSys have launched a blockchain sandbox framework on STC’s cloud marketplace. The newly-launched framework will foster public and private enterprises developing decentralized applications.

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STC Accelerating Blockchain Adoption

Keeping in line with Saudi Vision 2030, (reducing the Kingdom’s dependence on oil revenue and diversifying its economy), the telecommunications giant and Ethereum development studio ConsenSys collectively developed a blockchain framework. It is set to be exhibited at GITEX 2018–the famed annual tech show in the Middle East. STC’s Riyadh Muawad said:

“Blockchain on is one of several initiatives STC aims to roll out to its customers to pave the way for Blockchain adoption. STC is committed to providing its customers with innovative solutions and Blockchain is one of many to be provided.”

According to their press release, the collaborative approach aims to encourage mass adoption of the budding technology through the specifically engineered blockchain sandbox framework. By leveraging the sandbox environment, domestic public and private enterprises will be able to prototype and experiment with real life blockchain solutions cost-effectively.

In a nutshell, the blockchain framework on STC’s cloud marketplace will function as a testing ground for developers and enterprises seeking to develop decentralized applications.

Per ConsenSys MENA’s Executive Director Lina Hediah:

“The service will allow enterprises to build private Blockchains, rapidly deploy nodes, experiment with coding on the Blockchain in a test environment without the need for any development or infrastructure requirements.”

Saudi Arabia Leveraging Blockchain Tech Most Effectively

The new blockchain framework was launched on the heels of an agreement signed in April this year. The Kingdom’s resident telecom powerhouse STC signed a Memorandum of Understanding (MoU) with Ethereum design studio ConsenSys in a bid to develop blockchain solutions for government.

However, the launched distributed ledger protocol is not limited to the public sector, but will also allow private enterprises to join existing networks or create a new one to trial smart contracts and real-world DLT applications.

Saudi Arabia, the largest sovereign state in the Middle East, is taking aggressive steps to diversify its economy with the help of emerging technologies such as blockchain technology.

Earlier this year, the Saudi government organized a three-day event in conjunction with ConsenSys, dubbed “blockchain bootcamp”. The event was focused on building decentralized applications and Ethereum smart contracts.

In addition, Riyadh’s municipality implemented the groundbreaking distributed ledger technology in partnership with global tech giant International Business Machines Corporation (IBM) to digitally transform a number of government services.

How can blockchain technology help Saudi Arabia diversify its economy and become less reliant on oil revenues? Share your views in the comments section below.

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