Samsung-backed blockchain firm, Blocko launches in UAE

03 Oct 2019

SamsungSouth Korean blockchain provider, Blocko has launched in the UAE after obtaining $16 million in funding.

It was reported on Wednesday by Arabian Business that Blocko has partnered with SEED Group, a member of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum in the UAE. 

Before its UAE launch, Blocko raised $16 million within two funding rounds, involving Shinhan Bank, KEB Hana Bank, LB Investment and Dadam Investment.

Coin Telegraph reports the blockchain firm will bring its Aergo platform to the Middle East, hoping to repeat the successes in Europe and Asia.

Blocko CEO Phil Zamani stated: “We launched Aergo in response to the growing need for data sharing between industries and companies in areas such as identity verification, document management and the Internet of Things - the same areas in which the Middle East in particular is seeking practical solutions.” 

Blocko has previously completed 38 full-scale enterprise blockchain solutions in South Korea for firms including Samsung, Hyundai Motors and Cisco, and aims to continue building on this through the partnership with SEED Group. 

SEED Group CEO Hisham Al Gurg said: “The UAE and the wider Middle East region are constantly seeking advanced blockchain solutions for government and digital services. And so, we recognised the partnership with Blocko and Aergo as a solution to satisfy the increasing need for companies working at the highest level of scale and security.”

It was previously reported by Coin Telegraph that the Ministry of Health and Prevention in the UAE introduced a blockchain system to record and share healthcare information.

The blockchain-based platform will “save and share the assessment information of health professionals, including doctors, pharmacists and technicians with local licensing health authorities.”

Director of Information Technology at the Ministry of Health and Prevention, Mubaraka Ibrahim commented: “Blockchain technology offers a variety of benefits and advantages, including a decentralized database in which the stored data becomes unchangeable. It will also help improve data and information validation and consistency, which in turn provides a high level of transparency and trust in the healthcare services sector.”