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WISeKey and SEALSQ have partnered with The Hashgraph Association to implement IoT and DePiN solutions in KSA and the MENA region. DLT technology will enhance the security and efficiencies of IoT and DePin applications.
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SEALSQ Corp, a company that focuses on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products, and its parent company, WISeKey, a cybersecurity, digital identity, and Internet of Things (IoT) solutions provider has partnered with The Hashgraph Association, a Swiss-based association specialized in digital innovation and DLT solutions through the Hedera network, to spearhead 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 to soar in KSA with Hashgraph Association’s partnership with 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 technological 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 (E.A. Juffali & Brothers Group) to offer a robust DLT that will enhance the security and efficiencies of IoT, Blockchain, and DePin applications and solutions across 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 which include DLT technology such as Hedera globally and in the MENA region, we are pleased to support the growth of DePIN solutions which offer a secure, transparent, cutting-edge digital infrastructure needed for future of digital economies in the region.”
@SEALSQcorp $LAES @hedera and@The_Hashgraph Building the Future of Decentralized Physical Infrastructure Networks #DePIN showcased today @TimesSquareNYC @Nasdaq #SEALCOIN
— Carlos Creus Moreira (@CreusMoreira) May 30, 2024
The Hashgraph Association and @WISeKey and #SEALSQ are collaborating to build the Future of… pic.twitter.com/5qevlfYkNl
Carlos Moreira, CEO and Chairman of SEALSQ, added,
“We are pleased to be working with two major industry 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 full 360-degree solution that includes cybersecurity, Blockchain, IoT infrastructure needed for Saudi Vision 2030 digitization aims as well as those of the MENA region in general.”
Saudi controls 65% of the IoT market in the GCC
The Kingdom’s IoT and M2M Communication market, currently encompassing 65% of the Gulf region’s cybersecurity and IoT market, was estimated to reach $16 billion in 2019, up from approximately $4.9 billion in 2014. Supported by Saudi Arabia’s Vision 2030 economic reform plan, it is expected to continue its rapid growth over the next decade.
DePin, or Decentralized Physical Infrastructure Networks, refers to integrating decentralized technologies like blockchain and IoT to create a more secure, transparent, and efficient infrastructure network.
DePIN is constantly growing at a rapid pace. Within a few years of development, there are now over 160 DePin projects across various sectors.
The partnership seeks to leverage Hedera’s decentralized ledger technology, to enhance 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