Kelly
Editor
Editor
WISeKey has teamed up with The Hashgraph Association and SEALSQ Corp to introduce advanced IoT and Decentralized Physical Infrastructure Network (DePin) solutions in Saudi Arabia. This collaboration aligns with Saudi Arabia’s Vision 2030 to enhance digital infrastructure and stimulate economic diversification. The initiative promises to boost the global Web3 ecosystem by integrating blockchain technologies with robust IoT systems.
WISeKey, a cybersecurity, digital identity, and Internet of Things (IoT) solutions provider, has partnered with The Hashgraph Association, a digital innovation specialist via the Hedera network, to pioneer IoT and Decentralised Physical Infrastructure Network (DePin) solutions in the Kingdom of Saudi Arabia.
This collaboration intends to improve Saudi Arabia’s digital infrastructure by Vision 2030. SEALSQ Corp, a provider of sophisticated technical solutions, joins as a significant partner in this endeavour, assuring increased security and efficiency across many industries in the MENA region.
DePin, or Decentralised Physical Infrastructure Network, merges decentralised technologies like blockchain and the Internet of Things (IoT) to create a more secure and transparent infrastructure. This collaboration uses Hedera’s distributed ledger technology to improve the reliability of IoT deployments throughout Saudi Arabia.
The technologies promise to strengthen cyber security measures while improving system operational efficiency. For example, innovative city projects could result in improved traffic management and more dependable public services. The Hedera network, noted for its high throughput and low latency transactions, is critical to managing the massive amounts of data generated by these projects, providing real-time processing and response.
Saudi Arabia’s IoT and M2M (machine-to-machine) communication market accounts for 65% of the Gulf region’s overall cybersecurity and IoT market. 2019 this market was worth roughly $16 billion, up considerably from $4.9 billion in 2014. The growth trajectory is backed by Saudi Arabia’s Vision 2030, which aims to diversify the economy and reduce reliance on oil by promoting technological innovation.
The collaboration between WISeKey, SEALSQ, and The Hashgraph Association is expected to accelerate this expansion by offering cutting-edge solutions that may serve as the foundation for digital transformation in various industries, including healthcare, finance, and retail.
Implementing IoT and DePin solutions is expected to revolutionise various sectors in Saudi Arabia. In retail, improved IoT solutions can result in more personalised shopping experiences and increased supply chain efficiency. Financial services will benefit from greater transaction security and shorter processing times, critical for Saudi Arabia’s dynamic economic environment.
Healthcare may see the deployment of more robust data management and patient monitoring technologies. IoT could improve fleet management and save operational expenses in transportation. Each sector stands to benefit from specialised solutions that address specific difficulties while improving overall efficiency, in line with the goals of Saudi Vision 2030.
Looking ahead, The Hashgraph Association’s $250 million Deep Tech Studio, founded in conjunction with the Saudi Ministry of Investment, aims to stimulate innovation in technologies like as artificial intelligence and blockchain. This studio will serve as a hub for developing innovative applications and solutions to meet the local market’s needs.
Over the next few years, the number of DePin projects is expected to expand dramatically, with more than 160 already underway. This increase suggests a promising future for decentralised technology in Saudi Arabia, which could pave the way for similar advancements in other locations. The continuous evolution of these technologies is projected to impact the region’s digital economy significantly.
The strategic collaboration between WISeKey, The Hashgraph Association, and SEALSQ Corp to deploy IoT and DePin technologies in Saudi Arabia has far-reaching consequences for the worldwide Web3 ecosystem. By combining modern blockchain technology with IoT infrastructure, this effort acts as a model for similar projects worldwide and improves the dependability and scalability of Web3 applications.
The resulting infrastructure becomes more stable, transparent, and decentralised as these technologies become interconnected. This is critical for Web3’s growth since it relies mainly on secure and efficient digital networks to power various applications, including decentralised finance (DeFi) and smart contracts.
As these technologies improve, they open the door to more complex applications, such as physical asset tokenisation and more integrated smart contracts, which will further intertwine the physical and digital worlds. This broadens Web3’s influence and extends its penetration into ordinary transactions and interactions, paving the way for future digital infrastructure projects worldwide.
Kelly has carved a niche in the dynamic world of Web3 over the past three years, combining her talents in marketing and writing to become a standout Web3 copywriter. Her journey in this innovative field is distinguished by her profound engagement with the decentralized technology landscape. Kelly’s creative prowess, coupled with her deep understanding of Web3, enables her to create compelling narratives that resonate deeply within the blockchain community. Beyond writing, Kelly’s marketing acumen has been instrumental in elevating various Web3 marketing projects, making them prominent in the realm of digital innovation.
