SAUDI Telecom Company (STC) has entered into a Memorandum of Understanding with blockchain startup ConsenSys in a bid to bring the technology to various industry verticals across the country, according to Zawya.

Riyadh S. Muawad, Vice President of Key Accounts at STC Business, and Lina Hediah, Executive Director, ConsenSys MENA Region, signed the agreement last week.

“This partnership not only marks Consensys’ official entry into the Kingdom but is evidence of our commitment to helping build next-generation nations using blockchain technologies. Our experience in building bespoke applications showcases qualitative capabilities and by leveraging STC’s reach we are looking to really immerse ourselves in the Kingdom’s transformation agenda making a significant impact on both the economic and social infrastructure,” Hediah said.

In statements, Muawad said that STC is working on developing blockchain-based solutions for the government sector, adding that “STC aims to lead in offering blockchain application in Saudi market.” He said that the efforts are aimed at “defining the future of digital transformation in Saudi Arabia.”

STC held a workshop with the objective of providing an overview of blockchain technology. It focused on identifying and prioritizing the areas that can be the most relevant for blockchain implementation in public and private sector.