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Ateon is a member of the Alhamrani Group; which has been serving the Kingdom and the region since Our technology sister company, Alhamrani Universal www. Blockchain is the future as it offers infinite solutions to many of our unsolved problems and allows for an increase in speed and security in them.
Blockchains are resistant to data modification since the alteration of one block requires consensus across the recorded chain or ledger. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Yet the world is going mobile and Blockchain is the new technology on which most services will be delivered.
The Alhamrani Group has always been an integral part of the modernization of Saudi Arabia. Ateon was created to continue this heritage. We want to assist the Country and the region in the digital transformation journey.
Blockchain is our platform of choice for this transformation. Blockchain is a decentralized ledger. There is no single database to hack and no middleman. Just like the internet facilitates direct exchange of information, Blockchain facilitates direct exchange of value between parties, without the need for a trusted intermediary.
With Blockchain, cost of operation could be reduced, dependencies could be eliminated, and transparency and single version of the truth are guaranteed. It is a paradigm shift in the way information is transacted between untrusting parties.
Yes, Bitcoin was the first application to utilize the power of Blockchain. Then came cross border transfer and p2p payment. With such applications, antiquated processes were eliminated, intermediaries were elimination. Later on, startups began to pop out all over the world with innovative Blockchain based products. At Ateon, we focus on identity management, health records management, documents management, student academic records, court proceedings, land registry, and financial inclusion.
I am certain, that businesses which do not start implementing Blockchain will receive the Nokia and Kodak curse. Change is inevitable and those who do not adapt will surely be left behind.
Blockchain is here to stay, because it is the value layer of Internet. Traditional banks are slowly becoming obsolete as digital banking and Blockchain-based solutions have rendered them uncompetitive.
Kodak was once the pioneer and leader in the photography space for many years. Why did Kodak fail? Simple, they failed to adapt. The common phrase goes: The same will happen with banks. Some leading financial organizations have admitted the impact and threat of cryptocurrencies. We have noticed that after the Saudi Arabian Monitory Agency signed a partnership with Ripple; the adoption of Blockchain applications is accelerating.
Can Blockchain provide the complete end-to-end payment solution? Blockchain is a technology; like the Internet. Solution providers like Ateon build applications which utilize the power of Blockchain. We have the first in the world card scheme on the blockchain rails, from our technology partner, Sofitto. Not only does our solution provide end-to-end digital payment services, but it also supports traditional payment tools as well.
With a solution like ours, payments are settled instantaneously and for a very small transaction fee. In addition transactions are automated and secured in real time to eliminate fraud, increase transparency and automate taxes collection if needed.
What other industries are beginning to use blockchain and what solutions are you offering to help them? Blockchain has no bias and is being used in multiple industries, form financial to medical to legal.
Blockchain has touched several industries. At Ateon we offer endless solutions to our customers. In addition to the banking sector, some of our solutions are for voting, document management, VAT management, consortium loyalty system, and university student records management.
We are negotiating with an Arab country the digitization of their fiat currency. In addition, our software engineers are working on few exciting and innovative ideas for POS and ATM machines, which have not yet been done anywhere in the world.
I see myself diligent, someone who works on a project with all his energy and tools. I am blessed to have a supportive visionary educated boss, a homogeneous Ateon family, some of the best Blockchain technology parts, and visionary aggressive clients. As a President, I have to deal with the fear of others and convert them to positive energy. Personally, I have too many worries to list, yet they motivate me to work harder.
My job is to conquer fears and to place Ateon where it belongs, at the top. Confidence and knowledge is my secret sauce. I was able to foresee success at a time of economic adversity. Also, it is essential to work with the best team, partners, and clients. Even though it is my choice, I regret over-working and the lack of balance between work and family.
Building the right team who are as passionate and dedicated. Ateon offers Blockchain custom solutions. Blockchain worldwide is still at infancy. Homegrown innovation, technologies hot out of the oven. I enjoy being able to forecast where the world is heading and seeing Ateon as number 1. I enjoy the prospects of leaving fingerprints in lives. Building a new company within a conglomerate is a great advantage: I am able to capitalize on a well-established brand and to focus on quality of service before revenues.
At a professional level, I challenged the status quo and got Ateon in international press before its first anniversary. At a personal level, I raised teenage entrepreneurs who pitched to Fadi Ghandour at age 13 and My daughter is into social philanthropy with her Smiles Initiative.
Early adopters will be in the lead. The Blockchain technology is advancing rapidly, competition is compounding, and you could be destroyed if left behind. My advice to solution providers: Blockchain adoption worldwide is developing rapidly; there will be both opportunities and risks which should be considered; therefore, take action now.
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