WaveX joins ArabianChain for P2P smart contracts
Renewable electricity trading and solar panel finance platform WaveX will be the first UAE start-up to use blockchain-based smart contracts from open source provider ArabianChain. The move should increase the amount of energy traded and improve energy production businesses' environmental standards. ArabianChain helps start-ups to better use open source technology and innovate in the blockchain space. The partnership will "be a stepping stone in empowering start-ups to embrace blockchain" across the UAE, said ArabianChain founder and CEO Mohammed Alsehli.
WaveX, a renewable electricity trading and p2p solar panel financing platform announced today it will be the first UAE-based startup to utilize ArabianChain’s blockchain based smart contracts and development studio. As a startup with a platform established to allow trade of energy between two entities, WaveX aims to increase the share of renewable energy and make energy production environmental friendly.

Additionally, this platform is also optimized to help utility companies reduce their continuous investment in accelerating their energy production. 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.

ArabianChain Technology is an open source, community-based project with the goal of building a decentralized, consensus-driven, peer to peer, open source, blockchain-based platform for distributed applications. ArabianChain tech will leverage and improve blockchain technology and build a full-featured application platform on top of it.

ArabianChain founder and CEO Mohammed Alsehli said:

“According to Markets and Markets, the global blockchain market is expected to reach USD 2,312.5 million 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. “As the field is rapidly evolving, many farsighted startups and organizations 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.”

Based in the UAE and with operations in Saudi Arabia and Kuwait, ArabianChain is a leading Middle Eastern innovator in the blockchain sector. The company 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.