Wa’ed, Saudi Aramco’s entrepreneurship arm, is investing $1.5 million into one of Saudi Arabia’s first blockchain technology start-ups IR4LAB, whose solutions help corporations detect fraudulent resumes and professional qualifications.
The Gulf is particularly hard-hit by certification fraud. In 2020, the Saudi Council of Engineers reported detecting over 2,799 cases of fraud from non-Saudi job applicants who made false claims about professional qualifications.
Wa’ed plans to combat this through the IR4LAB blockchain digital platform, which verifies the authenticity of professional certificates.
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