Ooredoo launches global blockchain initiative

Blockchain is a fast-growing digital enabler, with safe, secure, and reliable “distributed ledger” technology providing a permanent digital record of ownership that allows every part of a transaction to be verified.

While many organizations may know blockchain powering cryptocurrency, there are wider applications of blockchain empowering solutions that can save time and money, and can enhance information security and privacy.

According to a recent report by IDC, global blockchain spend will grow over 10-fold from $1.5 billion in 2018 to $11.7 billion by 2022.

As a digital enabler, Ooredoo Group already works closely with public, private and academic sectors in its global footprint to develop blockchain solutions that can create new value in the digital space and enrich people’s digital lives.

Ooredoo Group’s new blockchain initiative is an open call for innovators to develop blockchain partnerships, solutions, and protocols across business-to-business and business-to-consumer sectors.

Sheikh Saud Bin Nasser Al-Thani, group chief executive officer, Ooredoo, said: “Blockchain will facilitate new digital business models and revenue in the next five years – helping organisations to run better and to transform people’s daily lives. Using blockchain, organisations and their customers can optimise costs, find new levels of efficiency, transparency, and trust, and enable secure digital payments.”

For example, property developers can provide smart contracts for ensuring titles, deeds, and facilities management are accurate and secure. Banks can better track cross-border payments, and logistics companies can track and trace products. Healthcare providers can enable digital patient records to optimise treatment. Mega-event organizers can introduce virtual digital payment tokens for merchandise and food and beverage. Sports teams can have real-time athlete health and performance metrics and also manage fan loyalty programs.

With Ooredoo Group’s Blockchain Initiative, Ooredoo aims to leverage its experience and industry-leading solutions in blockchain combined with 5G, cloud, and the Internet of Things to deliver the biggest benefits to organisations and to customers.

The Initiative is also bringing together subject matter experts from across the company’s global footprint and business units, including small- and medium-sized businesses, commercial, digital, and legal.

Sheikh Saud said: “Our Blockchain Initiative aims to open the blockchain floodgates, leveraging global best practices to deliver localised innovation across many of the world’s fastest-growing markets. Our open call to blockchain innovators will also explore integrating blockchain with artificial intelligence and machine learning, cloud, and the Internet of Things.”