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— Carlos Creus Moreira (@CreusMoreira) May 30, 2024
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