News Blockchain Can Improve Crippled Economy

Blockchain Can Improve Crippled Economy


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Iran Science and Tech Department: Blockchain Can Improve Crippled Economy

Blockchain Can Improve Crippled Economy

The Iran Science and Technology Department calls for initiatives to foster blockchain adoption in a bid to revive the country’s deteriorating economy. The government agency also suggests collaborative efforts to develop blockchain-based infrastructure.

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Developing DLT Infrastructure

According to Tehran Times, Alireza Daliri, the head of the management development department of the vice presidency for science and technology, suggested that blockchain technology has the potential to improve the national economy:

“This [transforming the country’s economy] is possible with empowering the infrastructure of the blockchain technology with the help of [the] government and private sector.”

He went on to say that both the public and private sectors should embrace the underlying technology of cryptocurrencies. On the government’s part, the Vice-Presidency of Science and Technology will implement blockchain technology across different government departments in the near future. Daliri stated that such a move would eliminate burdensome bureaucratic procedures plaguing government bodies.

Backing the Private Sector and Other Government Agencies

Additionally, the department will back private enterprises who are actively interacting with distributed ledger technology (DLT).

Besides that, Daliri urged that Iran should partner with other nations to develop a strong blockchain infrastructure. Daliri argued that blockchain technology has been beneficial and advantageous to over 140 countries globally.

In seeking global cooperation, Daliri stated:

“We should coordinate with other countries in the world in terms of new technologies and the blockchain is one of the issues.”

In addressing the concern that some countries have not warmed up to the technology, Daliri stated that the benefits prevail over the disadvantages. Pointing out some of the pros, Daliri reminded skeptics that DLT architecture can immutably store data that is accessible by every participant on the blockchain network.


Iran’s Blockchain Drive

Meanwhile, the second-largest country in the Middle East has expedited its blockchain drive as its economy suffers the effects of heavy sanctions from the United States. Reportedly, the country has been working on two state-backed digital currencies to circumvent sanctions.

Last month, global payments network SWIFT suspended the Central Bank of Iran from using their services. As a result, the Russian Association of the Crypto Industry and Blockchain (RACIB) joined hands with Iran Blockchain Labs to develop a sustainable mechanism to support the state-backed cryptocurrency initiatives.

Recent reports also suggest that Iran’s low-cost electricity has tempted many bitcoin miners to open up in the country. Apart from that, there is a number of local startups that are using DLT. Earlier in the month, blockchain pundits from Iran’s public research institute, Sharif University of Technology, announced plans to launch a blockchain-powered taxi app.

Can blockchain technology help Iran’s economy? Share your views in the comments section below.

Images via Pixabay

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