WISeKey and The Hashgraph Association Join Forces to Introduce DePin Solutions in Saudi Arabia

WISeKey, a prominent cybersecurity, and IoT solutions provider has forged a strategic partnershipwith The Hashgraph Association to introduce DePin (Decentralized Physical Infrastructure Network) solutions in Saudi Arabia. This collaboration aims to leverage Distributed Ledger Technology (DLT) to revolutionize various sectors per Saudi Arabia’s Vision 2030.

Joint Efforts for Technological Advancement

The partnership involves SEALSQ Corp, WISeKey’s parent company, and The Hashgraph Association working closely with Saudi-based E.A. Juffali & Brothers Group to implement cutting-edge IoT and DePin solutions.

This initiative aligns with the recent launch of a $250 million Deep Tech Studio by The Hashgraph Association in collaboration with the Saudi Ministry of Investment, which aims to foster technological innovation within the kingdom.

Accelerating Adoption of Emerging Technologies

Kamal Youssefi, President of The Hashgraph Association, expressed enthusiasm for supporting the growth of DePin solutions as part of their mission to drive the adoption of emerging technologies globally and in the MENA region. With DePin projects already proliferating across various sectors, this collaboration seeks to provide a secure and transparent digital infrastructure to fuel the future digital economy of the region.

Expanding Opportunities in the Saudi Market

Carlos Moreira, CEO and Chairman of SEALSQ, highlighted the significance of partnering with major industry players in Saudi Arabia to develop secure IoT and DePin solutions tailored for retail, finance, smart cities, healthcare, and transportation.

With Saudi Arabia controlling a significant portion of the IoT market in the GCC, estimated at $16 billion in 2019, the partnership aims to capitalize on the growing demand for advanced technological solutions in the region.

Enhancing Infrastructure Security with DLT

The collaboration intends to leverage Hedera’s decentralized ledger technology to enhance the security and reliability of physical infrastructure networks, making them more resilient to cyber threats while optimizing operational efficiency. With the rapid growth of DePin projects and the continuous evolution of IoT technology, this partnership is poised to catalyze digital transformation across Saudi Arabia and the MENA region.

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• Source: https://investorbites.com/wisekey-and-the-hashgraph-association-join-forces-to-introduce-depin-solutions-in-saudi-arabia/