Yesterday, a local news outlet revealed that Qatar-based telecommunications group Ooredoo has launched a blockchain initiative with the aim of helping organizations to adopt blockchain. The company is active in a dozen countries in the Middle East, North Africa and South East Asia. It’s 2018 revenues were QAR 29.9 billion ($8 billion).
Apart from consumer services, Ooredoo already provides businesses and enterprises with broadband, cloud storage, and 4G mobile reception. It is soon to roll out its 5G network which it aims to combine with IoT and blockchain.
Sheikh Saud bin Nasser Al Thani, Ooredoo Group CEO, commented that blockchain “will facilitate new digital business models and revenue in the next five years”.
He continued: “Using blockchain, organisations and their customers can optimise costs, find new levels of efficiency, transparency, and trust, and enable secure digital payments.”
The company is already helping companies with blockchain and sees opportunities in property, banking, healthcare and events. The Peninsula article described the initiative as an “open call” to blockchain innovators among Ooredoo’s many client sectors.
Ooredoo’s approach is not unlike Swisscom’s which is looking to provide additional services to existing and new clients and has also launched new blockchain ventures, most recently with the Deutsche Boerse.