Saudi Arabia launches Blockchain SMS tracking system to decrease fraud
The CITC utilized blockchain technology in both the governance and management of the system. The solution was launched during the Digital Technology Forum 2022 in KSA.
CITC explained that this system will track 34,000 trusted SMS service providers as well as decrease the operational cost for sending bulk SMS by these service providers by 66 percent. The blockchain enabled system will also decrease the time needed to process requests by 60 percent. In addition 20,000 governmental and private sector entities will benefit from this system.
The Blockchain enabled digital tracking management system will serve more than 46 million people as well as 25 local SMS service providers. The innovative solution aims to protect users and instill trust in service providers.
Interestingly the KSA Digital technology Forum dedicated a whole day on blockchain technology. The panel discussions included topics such as harnessing the Power of Blockchain for Digital Government with speakers from IBM, CasperLabs, and Oracle.
The forum also saw the participation of blockchain entities from the region including Avanza Innovations based out of UAE which showcased its enterprise blockchain, metaverse and Web3.0 success stories to KSA government and private sector.
Another Blockchain entity IR4ILab based out of KSA also participated at the Forum.
In addition Seamless KSA which will be held during first week of November 2022 will also host blockchain solution providers including DT One.
Not only that but in a press release from Seamless, it states that there will be discussions led by Mohsen Al Zahrani, head of virtual assets and CBDC initiative at Saudi Central Bank, given the accommodating stance that KSA is showing towards blockchain and cryptocurrency solutions.
So has Saudi started its blockchain, and crypto journey, it seems so!
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