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, is planning to invest $1.5 million in a Dhahran-based blockchain company, IR4LAB, to detect fraud in employment applications, according to a report issued by the Saudi Press Agency. 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.

You will receive companyIR4LAB’, a Saudi blockchain technology company, invested $1.5 million to build a service called “DocCerts.”

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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 verify 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.

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

Since the decision to introduce digital payments in the country using Ripple’s “xCurrent” technology, I said The Saudi Arabian Monetary Agency (SAMA) reported that it saved up to $400 million in 2020.

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