The Afghanistan Chamber of Commerce and Investment and Fantom enter into a blockchain and e-audit pilot program

Highlights:

• The Afghanistan Chamber of Commerce and Investment (ACCI) and Fantom have signed a Memorandum of Understanding (MoU) to implement blockchain tools and a technological upgrade. 
• Leveraging Fantom’s researched blockchain technology and hashing capabilities to secure and audit its databases and the issuance of national certifications such as “Certification of Origin” and “Certification of Quality,” helping to facilitate cross-border paperless trade in Asia and the Pacific. 
• Upon successfully completing and demonstrating the prototype, the ACCI and Fantom will look towards formal contract agreements and a long-term formal relationship.

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On the 28th of January 2021, in Kabul, Afghanistan, The Afghanistan Chamber of Commerce and Investment (ACCI) and Fantom signed a Memorandum of Understanding to formalize the start of software development discussions. 

This partnership will upgrade the ACCI’s current software, incorporating cryptographic and blockchain tools to provide the new technology advantages. These include the authentication of documentation for Certificates of Origin and Certificates of Quality, adopting Distributed Ledger Technology (DLT) to audit databases and track changes in real-time, alerting nominated individuals of any authorized and attempted unauthorized modifications.

This MoU will allow Fantom to begin developing a prototype custom solution for the ACCI, which, if accepted, will be rolled out across ACCI’s national operations. 

This project takes the initiative for the digitalization of Afghanistan, helping to bring transparency and innovation to the nation. 

Assisting Fantom with this partnership is SKChain, a London based blockchain consulting firm. SKChain’s Director and CEO, Barek, is the Chief Government Relations Officer at Fantom who has been key within the development of discussions. 

Who is ACCI?

The Afghanistan Chamber of Commerce and Investment (ACCI) https://acci.org.af/en/ is a non-profit government-affiliated organization that seeks to promote Afghan trade and industries at home and abroad. They provide information about laws and regulations, importing and exporting, and starting a business in Afghanistan.

Who is Fantom?

Fantom https://fantom.foundation/ is a global technology firm implementing leading blockchain smart contractual software and applications within businesses and countries worldwide. The team comprises engineers, scientists, researchers, designers, and entrepreneurs who share the same vision.

Timeline

The prototype build is forecasted to take approximately four months to complete, which will then be followed by a real-time demonstration, incorporating all the modules from the prototype scope. 

Looking Ahead

Fantom is excited to begin this new relationship with the ACCI and demonstrate the efficiencies and transparency the blockchain technology will offer across its applications. 

Fantom is confident that its proven solutions will showcase to the Islamic Republic of Afghanistan its digital and advanced solutions, scaled across multiple public and private sector applications such as e-governance, digitization protocols, and an advanced financial banking arm.