Saudi Aramco (Saudi Arabian Oil Group), the energy sector leader and the world’s third-largest company with a $2 trillion market cap in 2023, announced collaboration with droppGroup, a holding company specializing in Web3 solutions for enterprises.
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The state-owned oil corporation and the New York-based IT firm signed a memorandum of understanding (MoU), marking the beginning of their cooperation in the development of Web3 applications for the employees of Saudi Aramco. According to the press release shared with CoinDesk, the energy giant is particularly interested in digital solutions that can help its staff with onboarding and training processes. Saudi Aramco also wants to focus on building a tokenized network.
droppGroup, which also has an office in Saudi Arabia develops enterprise solutions based on cutting-edge technologies, such as blockchain, VR, AR, MR and object recognition, and deploys them into the business environment. Some of droppGroup's most notable Web3 projects include MetaReality and droppLabs.
While droppLabs is a comprehensive Web3 solution for marketing, operations and technical services integrated with the Total Access NFT platform, MetaReality invites users to explore a virtual 3D cityscape mapped across the surface of our planet. It creates "a truly disruptive Web3 experience" that allows users to make TradFi real estate investments and purchase digital buildings as NFTs. The AR feature powers the functionality for modification and improvement of purchased buildings.
The partnership with droppGroup is not Saudi Aramco's first move in the Web3 world. As stated in the official 2020 press release, Saudi Aramco invested $5 million in VAKT, a trading platform that offers blockchain solutions designed specifically for the oil industry.
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The company's official website describes VAKT as a product that "helps you work with your trade partners, including terminals and inspectors, to create an accurate record of every physical oil trade, and to operate that trade, so that you are sure it will deliver exactly what was agreed, when agreed, every time."