WaveX selects ArabianChain blockchain-based smart contracts

WaveX, a renewable electricity trading and p2p solar panel financing platform, is the first UAE-based startup to utilise ArabianChain’s blockchain based Smart Contracts and Development Studio.

ArabianChain founder and CEO Mohammed Alsehli.

As a startup established to allow the trade of energy between two entities, WaveX aims to increase the share of renewable energy and make energy production more environmentally friendly. Additionally, this platform is also optimised to help utility companies reduce their continuous investment in accelerating their energy production.

“According to Markets and Markets, the global blockchain market is expected to reach $2.3 billion by 2021. With an ambitious vision spearheaded by the UAE leadership, we believe this strategic partnership with WaveX will be a stepping stone in empowering startups to embrace blockchain and effectively innovate across the region”, said ArabianChain founder and CEO Mohammed Alsehli.

“As the field is rapidly evolving, many farsighted startups and organisations in the region are already exploring the potential of blockchain to not only enhance their capabilities but also process transactions and exchange information in an effective, secure and reliable manner. This is central to the UAE Blockchain Vision which aims to encourage paperless transactions, reducing approximately 100 million paper transactions annually” he said.

Based in the UAE and with operations in Saudi Arabia and Kuwait, ArabianChain enables governments, enterprises, startups and individuals to use blockchain-based tools and languages and build their transactions and contracts on its platform, to record all kinds of transactions. To this end, through this collaboration with WaveX, ArabianChain endeavors to enable startups across the region to leverage their open source tools and foster innovation in the blockchain domain.

“Blockchain has the power to create new avenues of revenue and business. Most importantly, it has the capability to enable emerging organisations to leap ahead by changing how business operates”, said Mohammed Rashid, Founder of WaveX. “With the digital revolution sweeping the Middle East with its advancements, it is critical that startups embrace this technology from the get-go, to take a giant stride in shaping the digital Middle East. We believe our partnership with ArabianChain will help us accomplish our vision on our digital transformation journey”.

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