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Aramco Invests in a Saudi Blockchain Company to Eliminate Job Application Fraud

Source: https://bit.ly/3yakHh3

Saudi Aramco, one of the world’s largest oil companies with a value of more than $1 trillion, aims to discover fraudulent job certificates using blockchain technology.

Waed, the entrepreneurial arm of Saudi Aramco, plans to invest $1.5 million in a Dhahran-based blockchain company, IR4LAB, to detect fraud in job applications, according to a report by Arab News .

According to the aforementioned source, Saudi Aramco aims to enter the field of blockchain to solve the increasing cases of fraud in job and employment applications, through the “Wa’ed” entrepreneurial arm.

IR4LAB , a Saudi blockchain technology company, will receive an investment of $1.5 million to build a service called DocCerts.

According to a statement issued by Wa’ed’s entrepreneurial arm:

The new service will help recruiters detect fraudulent professional qualifications.

This is the first company of its kind in the Middle East that aims to check the competence of job applicants when hiring new employees.

Over the past year, the Council of Engineers in Saudi Arabia has reported nearly 2,800 cases of job application fraud.

Abdullah Al-Bayez, Chief Digital Officer at Saudi Aramco, said:

Most of these fake professional certificates will be detected by the new service “DocCerts”, and then “Wa’ed” will turn to blockchain technology.

He added:

Digital blockchain platforms such as IR4LAB give employers a greater degree of certainty that a candidate’s certification is legitimate, which can speed up hiring decisions.

There are many other deployment opportunities for this technology.

The startup “IR4LABS” was launched in 2017 with the aim of bringing futuristic technologies, especially blockchain, to communities around the world.

Mr. Majd Al-Afifi, CEO and co-founder of IR4LAB, stated about the funding from Armco, saying:

The latest investment in IR4LABS will be used to detect job application fraud in Saudi Arabia and bring the benefits of digital blockchain solutions to the Kingdom.

It is worth noting that blockchain technology is not new to Saudi Arabia.

Since the decision of the introduction of digital payments in the country using Ribl “xCurrent” technology, said SAMA in Saudi Arabia (SAMA) it provided up to $ 400 million in 2020.

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