ArabianChain, the first company in the region to develop a public and decentralised platform for Smart Contracts on Blockchain, has revealed that it has signed a Memorandum of Understanding with Jibrel Network, the first protocol allowing traditional assets like currencies on the blockchain. This partnership will help government and bureaucratic processes adopt and leverage Arabian Chain’s innovative blockchain technology, with support from Jibrel’s technical advisory services.
ArabianChain aims to transform the way governments, businesses and people respond to blockchain in the economy, e-services and digital transformation. Jibrel’s technical expertise will help ArabianChain consolidate the role such technology plays in both public and private enterprises. “We recognize the immense potential blockchain has when it comes to driving a technology-first approach and changing the region’s economy,” said ArabianChain founder and CEO Mohammed Alsehli.
“Having already built the infrastructure for the development of self-executing and globally accessible smart contracts and decentralized apps, we are delighted to enter this partnership with Jibrel and believe it will help the region further embrace blockchain for smart regulation and achieve its innovation agenda,” continued Alsehli.
“Financial services in the MENA region have very specific compliance requirements that must be accommodated,” commented Yazan Barghuthi, CEO at Jibrel Network.
“Development and deployment of blockchain technology that ensures on-chain compliance is a particular competency for our team, and one that we leveraged in the development of our own platform,” continued Barghuthi.