Aergo and Blocko, two blockchain firms backed by both Samsung and Sequoia Capital, announced the launch of a regional consortium 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).
Currently, E24P comprises Aergo, Blocko, remittance startup 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.”
DLT firms launch MEASEA-based blockchain consortium
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.