Pakistan Seeks to set up Blockchain Based trade network

The Prime Minister of Pakistan Imran Khan recently announced on his official facebook page that Pakistan is looking into setting up a blockchain based trade network between Pakistan and other major trading partners and corridors.

The discussion was held during a meeting on governmental digitization efforts and processes. Blockchain was mentioned as one of the latest IT solutions that could help ensure efficiency, transparency, while eliminating issues such as red-tape and improving the overall service delivery. This is in line with the Pakistan government’s vision.

A team of Pakistan IT experts from UAE, which include Mr. Waqas Mirza, Chief Executive Officer of Avanza Innovations were invited by Sayed Zulfiqar Abbas Bukhari, special assistant to the Prime Minister.

According to Mr. Mirza who spoke briefly with UNLOCK, “Blockchain can play a strong role in digitization efforts especially when it comes to trade, as it provides a transparent, paperless journey with massive savings and efficiencies. We at Avanza are keen and proud to be a part of any activity in this domain.”

The discussions held centered on the topics of transparency and efficiency in governmental transactions and processes and one of the use cases proposed was a next generation trade platform for Pakistan ushering into the next era of trade efficiency with its trade partners.

H.E. Prime Minister Imran Khan remarked, “Digitization is critical to ensuring efficiency and transparency in the conduct of official businesses. IT solutions will help to address some of the major issues that have hampered steady growth of economies in the past.” He added, “Digitization will also create much needed synergies among the government to ensure frictionless service delivery and improving ease of doing business in Pakistan.”

Pakistan has been dabbling with blockchain technology. Earlier this year Telenor Microfinance Bank and Malaysian Fintech firm Valyou have partnered to offer cross border remittance service based on blockchain technology. Pakistan Central bank also announced it will be issuing a digital currency by 2025.