Tunisia Economic City (TEC) has signed a strategic partnership agreement with blockchain platform, Locus Chain Foundation (LCF), to harness and utilize Chain blockchain technology for monetary settlement and transaction service platform in the city. The agreement was signed by the President of Tunisia Economic City, Dr. Riadh Khalifa Toukabri Ph.D. and the CEO of Locus Chain Foundation, Mr. Lee Sang Yoon, at LCF’s headquarters in Singapore.
Tunisia Economic City is projected to function as an international business and tech hub that will connect Africa, Europe, and Asia. With the aim of acting as Africa’s gateway to Europe and complementing the economic growth of GCC countries, TEC is tagged as the largest Mediterranean city project. Covering a total of 90 kilometres square area, TEC is located at the eastern peninsula of the North African country. The Economic city is designed to have a collection of 14 large themed zones, and it is jointly owned by Tunisia and Saudi Arabia, already costing an estimate of 50 billion US dollars. The idea of TEC was initiated by HRH Prince Fahd Bin Muqrin Bin Abdulaziz Al Saud of Saudi Arabia, who chairs the Smart City and Dr. Riadh Khalifa Toukabri Ph.D., who serves as TEC’s president.
Applying Blockchain Technology to Various Economic Sectors
The partnership agreement between both parties would involve Tunisia Economic City utilizing Locus Chain’s next-gen blockchain technology platform as a framework to all construction projects in the city. The blockchain platform will also be used as a settlement currency in various sectors like finance, communication, shopping, healthcare, Artificial Intelligence, and automated vehicles. The partnership is aimed at digitalizing the commercial and public sector by implementing an urban development and a mega economic development project in TEC.
While talking about the partnership agreement, Lee Sang Yoon said that:
“TEC is one of the most advanced smart city projects the world economy has ever seen. When the ‘Locus Chain’ blockchain platform is applied to the TEC project, it will be used as a transaction and authentication method for various industries and will provide an ideal management and service system ensuring high transparency and security across the industry.”
The Operations Director of Locus Chain Foundation for the Middle East, Jackey Choi also commented that: “The agreement will enhance the TEC’s future-readiness through technological precision and innovation, and benefit, in a broad perspective, all similar projects in the MENA region. This purpose will be served through the LCF’s Middle East headquarters in Dubai Silicon Oasis.”