Saudi Arabia Gets It’s First Blockchain systems integrator, Ateon

Ateon is among the first Blockchain systems integrators in the region and the first in Saudi Arabia. Ateon was registered in the kingdom in 2016, and registered in Dubai in 2017. It is a member of a group that has been serving the region and Saudi Arabia since 1957, which is the Alhamrani Group. The Chief Executive Officer for both Ateon and Alhamrani Group is Sheikh Abdulaziz Abdullah Alhamrani. The sister technology company of Ateon, Alhamrani Universal has been serving the financial sector since 1976, which is one of its great assets.

Blockchain is the future as it provides the company endless solutions to many of their unresolved problems and allows for a rise in speed and security in the ways businesses are carried out. Blockchains are resilient to the alteration of data, as the modification of one block requires consent across the recorded chain or ledger. Blockchain technology is an important pillar in modern technology as it allows for digital information to be distributed but not copied.

Alhamrani Universal, the sister company of Ateon is a front-runner in the customary payment space. Blockchain is the innovative technology on which most services will be delivered, while the world is going mobile. Alhamrani Group has been a vital part of the modernization of the kingdom at all times.

Blockchain is a devolved ledger, and there is no intermediary, no particular database to hack. Blockchain enables the direct exchange of value amongst parties, similar to how the internet enables direct exchange of information without the need for a trusted middleman.

Operational costs could be reduced with Blockchain technologies as dependencies are eliminated while transparency and the single version of the truth is guaranteed. Blockchain is a standard shift in the way information is handled amongst untrusting parties.

At the moment, financial transactions are its fundamental implementation. The power of Blockchain was first operated by Bitcoin, it then came across border transfer and p2p payment. Old-fashioned processes and intermediaries were eliminated with such applications. Startups later on began to pop-out all over the world with innovative Blockchain based products.

Ateon focuses on identity management, documents management, health records management, student academic records, land registry, court proceedings and financial inclusion. They also provide Single Sign On, VAT management, immediate settlement and reconciliation of financial transactions, Supply Chain, taxes, and Logistics.

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