WISeKey and SEALSQ are working with The Hashgraph Association to deploy IoT and DePiN solutions in KSA and the MENA region. DLT technology will improve the security and efficiency of IoT and DePin applications.
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SEALSQ Corp, a company focused on the development and sale of hardware and software products in the field of Semiconductors, PKI and Post-Quantum technology, and its parent company WISeKey, a provider of cybersecurity, digital identity and Internet of Things (IoT) solutions has partnered with The Hashgraph Association, a Swiss-based association specializing in digital innovation and DLT solutions through the Hedera network, to lead the implementation of IoT and DePin (Decentralized Physical Infrastructure Network) solutions in the Kingdom of Saudi Arabia in line with Saudi Arabia’s Vision 2030.
Also read: DLT on the rise in KSA thanks to Hashgraph Association’s collaboration with the Saudi Ministry of Investment
The announcement comes months after The Hashgraph Association announced the launch of a $250 million Deep Tech Studio with the Saudi Ministry of Investment. The studio aims to develop technology solutions, including blockchain and artificial intelligence, for local businesses in Saudi Arabia.
Juffali & Brothers Group works with Hashgraph
According to the press release, THA will work closely with WISeKey and its partners in Saudi Arabia (EA Juffali & Brothers Group) to offer a robust DLT that will ensure the security and efficiency of IoT, Blockchain and DePin applications and solutions will improve throughout Saudi Arabia. and MENA region.
WISeKey has been present in KSA since 2020 through its joint venture, WISeKey Arabia, with Saudi Advanced Technologies Company Ltd (SAT), a wholly owned subsidiary of Juffali Group.
Kamal Youssefi, President of The Hashgraph Association, stated:
“As part of our mission to accelerate the adoption of emerging technologies, including DLT technology like Hedera, globally and in the MENA region, we are pleased to support the growth of DePIN solutions that provide a secure, transparent, advanced digital infrastructure that is necessary for the future of the region’s digital economies.”
@SEALSQcorp $LAES @hedera en@The_Hashgraph Building the future of decentralized physical infrastructure networks #DePIN on display today @TimesSquareNYC @Nasdaq #SEALCOIN
The Hashgraph Association and @WISeKey and #SEALSQ work together to build the future of… pic.twitter.com/5qevlfYkNl— Carlos Creus Moreira (@CreusMoreira) May 30, 2024
Carlos Moreira, CEO and Chairman of SEALSQ, added:
“We are pleased to partner with two major market leaders in Saudi Arabia to develop secure IoT and DePin solutions for retail, financial, smart cities, healthcare, industrial, transportation and other sectors. We are now able to offer a complete 360-degree solution that includes cybersecurity, Blockchain, IoT infrastructure necessary for the digitalization goals of Saudi Vision 2030 and that of the MENA region in general.”
Saudi controls 65% of the IoT market in the GCC
The Kingdom’s IoT and M2M communications market, which currently comprises 65% of the Gulf region’s cybersecurity and IoT market, is estimated to reach US$16 billion in 2019, up from around US$4.9 billion in 2014. Supported Saudi Arabia’s Vision 2030 economic reform plan is expected to continue its rapid growth over the next decade.
DePin, or Decentralized Physical Infrastructure Networks, refers to integrating decentralized technologies such as blockchain and IoT to create a more secure, transparent, and efficient infrastructure network.
DePIN is continuously growing at a rapid pace. Within a few years of development, there are now more than 160 DePin projects in various sectors.
The partnership aims to leverage Hedera’s decentralized ledger technology to improve the security and reliability of physical infrastructure networks, making them more resilient to cyber threats and more efficient in their operations.
Cryptopolitan reporting by Lara Abdul Malak
