Pakistan Explores Blockchain for Remittances; Iran Pioneers AI in Sports

Pakistan Explores Blockchain for Remittances; Iran Innovates with AI in Sports

Pakistan is set to revolutionize its financial landscape by exploring blockchain technology for remittances, while Iran is pushing the boundaries of sports development with AI and blockchain.

• Pakistan aims to reduce remittance fees and delays using blockchain.
• Iran pioneers AI and blockchain in sports via the Hamta hub at Sharif University.

Pakistan, a country that received over $31 billion in remittances in the fiscal year 2023-24, is now looking to cut down on the high fees and delays associated with traditional remittance systems. These fees, often exceeding 5%, eat into the funds that millions of Pakistani expatriates send home from the US and UK. Enter blockchain technology, which promises to streamline these transactions. Bilal bin Saqib, chief advisor to the Pakistan Crypto Council (PCC), is leading the charge.

“The PCC will investigate blockchain-based remittance solutions to reduce costs and delays,” said Bilal bin Saqib.

The PCC’s strategy involves testing blockchain-based solutions to bypass the middleman banks, known as correspondent banks, and introduce real-time payments. This not only aims to slash costs but also ensures compliance with the Financial Action Task Force (FATF) guidelines. The council is also investing in blockchain education and the next generation of the internet, known as Web3, to foster talent, boost employment, and drive economic growth.

“Additionally, we’ll invest in blockchain education, upskilling programs, and Web3 development to cultivate talent, boost employment, and drive economic growth,” said Bilal bin Saqib.

Despite a ban on digital assets since 2018, Pakistan has embraced blockchain for Know Your Customer (KYC) processes and is considering a Central Bank Digital Currency (CBDC). This cautious yet progressive approach reflects a global trend towards leveraging blockchain to enhance financial transactions, especially in regions with high remittance flows.

Meanwhile, Iran is making waves in sports development with the launch of the Hamta hub at Sharif University. This initiative aims to enhance athlete training and fan engagement through the integration of AI, the metaverse, and blockchain technologies. Supported by the Iranian Minister of Sports and Youth, Ahmad Donyamali, and the President of Sharif University, Abbas Mousavi, the hub aligns with Iran’s digitalization goals and efforts to navigate Western sanctions.

AI will play a crucial role in optimizing training regimens, while the metaverse is set to revolutionize fan engagement, offering VR-based coaching and new forms of interaction. Hossein Afshar, Iran’s Vice President for Scientific, Technological, and Knowledge-Based Economy, envisions a future where AI transforms sports.

“The future of sports will revolve around AI… Olympic events in the future will be nothing like the present games but could take on ‘an AI-driven format,’ birthing new sports,” said Hossein Afshar.

Iran’s sports ecosystem will also leverage blockchain for decentralized fundraising, tokenized investments, and blockchain-based ticketing using smart contracts. These efforts are part of a broader push towards digital transformation and innovation, despite international challenges. Notably, Iran has improved its ranking to 91st place in Oxford’s Government AI Readiness Index and is actively developing a CBDC to further its economic strategies.

Both Pakistan and Iran are harnessing cutting-edge technologies to address their unique economic and regulatory challenges. Pakistan’s focus on blockchain for remittances could significantly improve financial efficiency, while Iran’s integration of AI and blockchain in sports development opens new avenues for growth and engagement.

However, these advancements come with their own set of challenges. For Pakistan, implementing blockchain solutions must navigate regulatory compliance and combat illegal crypto outflows. For Iran, the technological readiness of the infrastructure and privacy concerns surrounding AI and blockchain in sports need careful consideration.

While these initiatives are promising, it’s important to consider the broader crypto ecosystem. Pakistan’s blockchain efforts are not necessarily tied to Bitcoin, but they could benefit from its underlying technology. Iran’s use of AI and blockchain in sports aligns with the global trend towards digitalization, yet it also raises questions about the ethical implications of such technologies.

Here are the key takeaways and questions:

• What is the potential impact of blockchain on remittances in Pakistan?

  Blockchain could significantly reduce the high fees and delays associated with traditional remittance channels, benefiting the large volume of funds flowing into Pakistan from the US and UK.

• How is Iran leveraging technology in its sports development?

  Iran is using AI, metaverse, and blockchain to optimize athlete training, enhance fan engagement, and introduce new fundraising and investment opportunities in sports.

• What are the broader implications of these technological advancements for Pakistan and Iran?

  These advancements could lead to more efficient financial systems in Pakistan and new economic opportunities and digitalization in Iran, potentially helping both countries navigate their economic and regulatory challenges.

As we champion the potential of blockchain and AI, we must remain optimistic yet realistic about their future. The journey towards a decentralized financial future is filled with both promise and pitfalls, but initiatives like these are paving the way forward. And who knows? Maybe one day, we’ll see AI-driven sports events where the athletes are more machine than human. Now that’s a game changer!