Blockchain Sanctions

Iran’s blockchain-based business system to be utilized in free zones

Soraya Nildarar
Written by Soraya Nildarar

The deputy secretary of the Free zone’s Supreme Council, Akbar Eftekhari, has announced the establishment of a blockchain-based business system in free zones called Samane keshvari kasbokar (Sakouk). The system is said to help international trades during sanctions, Tasnim news agency reported.

Following the signing of a memorandum of understanding in the Free Zones, Akbar Eftekhari mentioned three of the most important goals of free zone’s supreme council’s secretariat:

Overcoming the barriers to production in the manufacturing enterprises based in the area, assisting in solving the financing problem, and improving the supply chain management.

He reiterated:

Sakouk or Samane keshvari kasbokar is planning to facilitate transactions between firms through current tools of the country’s financial system, such as electronic bills of exchange by using new IT-based methods in supply chain management, logistics, and financial services. It also intends to expedite commercial communications based on credit transactions by connecting to credit institutions such as guarantee and support funds and valid banks.

Studies show that the main problems of production units and enterprises based in the free economic zones are lack of liquidity, decreasing capital in circulation, lack of proper communication with financial institutions, lessening the trust between the parties and the increasing cost of receiving facilities. Sakouk is aimed at eliminating these challenges, improving the transaction extent of enterprises, and thus improving production space.

The fresh platform generates a timed credit payment tool by identifying and creating production-consumption chains for business transactions in all chain sectors using electronic bills of exchange. This process can be conducted across multiple businesses (B2B transactions) or in transactions involving retail customers and consumers (B2C).

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Soraya Nildarar

Soraya Nildarar

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