Iran to Develop National Blockchain on IBM Hyperledger Fabric

Asia Blockchain Review
June 8, 2019

The Central Bank of Iran (CBI) is developing a national blockchain project that aims to revolutionize the current banking and financial sector, fostering a digital ecosystem in the country. To this end, the CBI, via its Informatics and Services Corporation (ISC), partnered with the Iranian blockchain solution provider, Areatak, to launch the Borna platform.

Borna Enables CBI to Closely Monitor Financial Institutions

According to Cointelegraph, the Borna platform built by the Areatak developers on Hyperledger Fabric is an exclusive asset of the ISC. When launched, Borna will allow all CBI-managed institutions to adopt distributed ledger technology (DLT) by easing the barrier to entry for companies in regards to technical expertise and cost. Borna is meant to enable the CBI to monitor financial transactions to prevent money laundering and other illegal activities.

Blockchain Solution in Response to US Sanctions

The blockchain project initiated by the CBI has been interpreted as a response to the sanctions imposed on Iran by the United States. However, project stakeholders have denied the claims and said that Borna is only available within Iran and does not support any crypto tokens.

Saeed Khoshbakht, CEO of Areatak, addressed the rumors of using blockchain to circumvent sanctions.

“Those narratives about bypassing sanctions are just media games,” Khoshbakht said. “They are not about reality. How can a national infrastructure that has no connection with international parties, be able to bypass sanctions? Borna is focused on national use cases and is hosted by national organizations. Tokenization of assets or Rial in the future is limited to Borna platform transaction cases, not an international transaction.”

Source: cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Gaming Platform Enjin Signs a Partnership with HashPort Accelerator to Enter Japan
Leading blockchain-based gaming platform Enjin has announced a strategic partnership with Japanese H...

August 18, 2019

Singapore’s Central Bank Introduces Sandbox Express
The Monetary Authority of Singapore recently revealed the agency has approved the fast track Sandbox...

August 18, 2019

Shenzhen Firms Issue 6Mil. Blockchain Invoices in 12 Months
The Chinese city of Shenzhen has reportedly issued almost 6 million blockchain-based invoices over t...

August 17, 2019

Thailand Considers Extending AML Regulations to Crypto
Thailand’s Anti-Money Laundering Office has revealed that it may extend AML regulations to include c...

August 17, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us