Both Blockchain Visionaries Sign MoU to help Middle East Embrace Blockchain-based Smart Contracts
Jeddah: ArabianChain, the first company in the region to develop a public and decentralised platform for Smart Contracts on Blockchain, has today announced that it has signed a Memorandum of Understanding (MoU) with Jibrel Network, the first protocol allowing traditional assets like currencies on the blockchain. This partnership will help government and bureaucratic processes adopt and leverage Arabian Chain’s innovative blockchain technology, with support from Jibrel’s technical advisory services.
With its advances in regional blockchain technology and entrepreneurship, ArabianChain aims to transform the way governments, businesses and people respond to blockchain in the economy, e-services and digital transformation. Jibrel’s technical expertise will help ArabianChain consolidate the role such technology plays in both public and private enterprises.
“We recognize the immense potential blockchain has when it comes to driving a technology-first approach and changing the region’s economy,” said ArabianChain founder and CEO Mohammed Alsehli.
“Having already built the infrastructure for the development of self-executing and globally accessible smart contracts and decentralized apps, we are delighted to enter this partnership with Jibrel and believe it will help the region further embrace blockchain for smart regulation and achieve its innovation agenda,” continued Alsehli.
Backed by its multinational, talented and experienced team, ArabianChain has grown exponentially since its inception in February 2017. It hopes to combine its expertise in banking, telecommunications and other vertical business domains, with Jibrel’s thirty-plus years of experience working in financial securities for leading management consultancies such as PWC and Deloitte.
“Financial services in the MENA region have very specific compliance requirements that must be accommodated,” commented Yazan Barghuthi, CEO at Jibrel Network.
“Development and deployment of blockchain technology that ensures on-chain compliance is a particular competency for our team, and one that we leveraged in the development of our own platform,” continued Barghuthi.
In addition to applying blockchain, ArabianChain is finalizing ‘Thuraya’, the first smart contract programming language in Arabic. Thuraya will be unveiled in October.
Founded by Mohammed Alsehli and partners, ArabianChain seeks to connect the Middle East to blockchain technology and digital currencies, including ArabianChain’s Dubai Coin, DBIX. ArabianChain inspires business innovation through the use of secure, decentralized and universally accessible applications and services.