Saudi Arabian Oil Group (Saudi Aramco), the $2 trillion state-owned energy company, has signed a memorandum of understanding (MoU) with droppGroup to explore the co-development of a range of Web3 technologies, according to a press release shared with CoinDesk. .
Web3, the third generation of the Internet driven by blockchain technology, applications will aim to help Aramco employees. This includes potential onboarding ecosystems, training, as well as a tokenized network and rewards program.
The collaboration is not Aramco’s first foray into blockchain technology In early 2020, the company invested $5 million in Vakt, a blockchain-based post-trade commodity processing platform.
droppGroup, a Web3 technology provider, has a technology stack that includes artificial intelligence (AI) and machine learning (ML), augmented reality (XR), tokenized networks, and metaverse environments.
New York-based firm droppGroup also has an operational office in Saudi Arabia.
