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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.

Updated May 9, 2023, 4:08 a.m. Published Feb 20, 2023, 3:00 p.m.

Riyadh, Saudi Arabia (Ekrem Osmanoglu/Unsplash)

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. She previously served as the Technology News Editor at Seeking Alpha and covered healthcare stocks for The Motley Fool. She doesn't currently own any substantial amount of crypto.