Aergo and Blocko, the two blockchain firms backed by both Samsung and Sequoia Capital, have announced the launch of a regional consortium considered to support the adoption of innovative technologies across the Middle East, African, and Southeast Asian (MEASEA) regions.
On April 27, it has been reported that the organization, Execution Intelligence Group (E24P) seeks to promote ‘smart’ governance, tourism, supply chain, and finance solutions, which leverage blockchain coupled with artificial intelligence (AI).
However, in the meantime, E24P comprises Aergo, Blocko, the payment startup Topos, Abu Dhabi’s Al Nahyan family, one of the United Arab Emirates’ (UAE) six ruling families, and “the leading UK and China-based research institute.”
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.”
Likewise, the press release states:
“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.”
It has been analyzed that E24P has scheduled several upcoming government briefings in Abu Dhabi, Jeddah and Riyadh.
As per the report, over recent years, the UAE has emerged as a regional leader in the adoption of distributed ledger technology (DLT) by 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.
However, the remodel is expected to save 77 million work hours and $3 billion in the eliminated transaction and document processing expenditures and to reduce the number of documents printed by the government by 398 million annually.
Also, Abu Dhabi’s ports and land registry have already adopted blockchain frameworks for logistics and title registration tracking.
Thus, E24P’s favored technological combination of blockchain and AI is increasingly being seen as the go-to solution for negotiating complex supply chains.