Monday, 22 April 2019

Ooredoo doubles down on blockchain as global spend set to hit $12bn by 2022

By Chris Kelly, Total Telecom
Monday 18 March 19

Ooredoo's new blockchain initiative will allow the group to offer a suite of new enterprise services

Ooredoo Group has launched its global blockchain initiative as it looks to position itself as one of the industry's early movers on blockchain. A new report, published by IDC, claims that the global blockchain spend will increase exponentially over the next three years…

Ooredoo Group has launched its global blockchain initiative as it looks to position itself as one of the industry's early movers on blockchain.

A new report, published by IDC, claims that the global blockchain spend will increase exponentially over the next three years, increasing from $1.5 billion today to $11.7 billion by 2022.

“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,” said Sheikh Saud Bin Nasser Al-Thani, group chief executive officer, Ooredoo.

Ooredoo Group’s blockchain Initiative will leverage the company's existing experience in blockchain solutions combined with 5G, cloud, and the Internet of Things to offer a new suite of services to organisations and to customers.

“Our Blockchain Initiative aims to open the blockchain floodgates, leveraging global best practices to deliver localised innovation across many of the world’s fastest-growing markets. Our open call to blockchain innovators will also explore integrating blockchain with artificial intelligence and machine learning, cloud, and the Internet of Things,” said Sheikh Saud.

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