According to Al-Monitor, the tech arm of the Central Bank of Iran, the Informatics Services Corporation, has been developing a blockchain platform to enhance the security, efficiency, and transparency of the national ecosystem.
The so-called platform "Borna" will reportedly offer an integrated environment and common standards as well as reduce the costs of developing blockchain solutions and market entry for all of Iran’s banking and financial players.
The platform includes e-customer identification, token management and online auditing.
In addition to that, Borna is based on an open-source blockchain engine Hyperledger Fabric, which is established by IBM and Linux Foundation.
The Chief Executive Officer of Areatak, a blockchain solutions firm, Saeed Khoshbakht, claims Borna developers "are striving to use platforms, tools and solutions that are globally accepted in building the country’s new technical infrastructure."
Previously, the Islamic Republic of Iran launched its own national cryptocurrency, backed by gold.
The new crypto is called “PayMon” and was developed in a collaboration with four financial institutions of Iran.
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