Sheikh Saud bin Nasser Al Thani, Group CEO, Ooredoo
Ooredoo Group yesterday became one of the world’s first communications companies to launch a global Blockchain Initiative, which aims to open the floodgates for organisations to adopt blockchain solutions to drive digital business growth and innovation and transform daily lives.
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 organisations 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. Showing strong business adoption, global blockchain spends will grow over 10-fold from $1.5bn in 2018 to $11.7bn by 2022, according to a recent report by IDC.
As a true 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 organisers 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 programmes.
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. Ooredoo’s Blockchain 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.
