The National Bank of Iran (CBI) and Areatak are collaborating to design a domestic blockchain project for its investment and monetary zone.
This project is named the “Borna” and Iran expects to employ this venture to renovate its banking network by creating a digital financial economy to replace the present system.
Presently, the state of Iran is at odd terms with the USA, facing economic sanctions. Borna is an effort to evade the punishments imposed by the USA. However, the investors believe that Borna can be employed within the premises of the state only and supports no tokens.
Since last year, Iran is progressively fascinated by virtual currency and Blockchain technology and is considering it a measure to protect its dwindling economy from the consequences of economic penalties.
As stated by state media, ISC and Areatak are trying to design multiple procedures for Borna and anticipate Borna to work as a principal digital stage for investment and fiscal sectors of Iran.
The major goal of Borna includes reduction of the access requests in terms of price and methodological skills essential to design decentralized ledger technology (DLT) systems.
The ISC is an exclusive owner of Borna platform, whereas, Areatak acts as the secret contractor. The developers at Areatak are structuring the platform on the Hyperledger Fabric which is an IBM open-source enterprise blockchain platform.
The major attribute of the Hyperledger Fabric is its plug-and-play smart contract feature which makes procedures easy to develop and program. In recent times, researchers have proclaimed alterations to the Hyperledger Fabric which assures fast transfer competencies.
The authoritative report for Borna platform was published in January 2019 which stated that the venture will have two major application layers i.e. competitive and noncompetitive.
Currently, efforts are dedicated to develop non-competitive application layer which will present three key solutions: digital inspection, KYC procedures and token governing methods.
The designers hope that ISC will employ these essential functions to screen and regulate Iran’s financial sector after the industry becomes digitized.
Shahrzad Pakgohar, a blockchain solutions expert at Areatak emphasized the significance of the Borna platform by stating that the scope of Borna platform is infinite even the non-financial institutions can use its amenities.