Seychelles and UK-based blockchain specialists Chainvine have entered into a strategic partnership to develop a platform to ease the process of doing business in the fisheries sector in the island nation.
According to the Department of the Blue Economy, the agreement for the Seychelles National Assets Management System, which was signed in a virtual event on Monday, will allow users to track fish from 'sea to sell,' as it collates data and issues unique certification for fishing catches and quota.
At the signing on Monday, the Vice President of Seychelles, Vincent Meriton, said that the system "will help the government with the management of all national assets to encourage sustainable business and development in the Blue Economy."
On his side the, chief executive of Chainvine said, "Working with different ministries and key players in the Seychelles Blue Economy has enabled Chainvine to develop its proposition utilising the best knowledge available in fisheries. We are excited about the future and our ongoing partnership with Seychelles creating the most advanced island tech on the globe."
The Department of the Blue Economy said that system is of particular importance to Seychelles, an archipelago in the western Indian Ocean, in view of the damaging effects of the COVID-19 pandemic on the tourism sector, the top pillar of the economy.
The system is expected to be fully remote, thus decreasing processing time and eliminating the need for physical interaction. A pilot study will be done with a strong emphasis on monitoring and evaluation throughout the process to increase the potential for effective use of the platform for mineral security.
The Chainvine system integrates its clients' existing databases into a platform which ensures that data is more efficiently stored and managed in a secure and intelligent way.
The project has been done in collaboration with the local partners principally the National Institute of Science Technology Innovation (NISTI).
The Department of the Blue Economy said the technical support has ensured the successful development and promotion of the project in line with "our national strategy; for transiting Seychelles into a knowledge-based and an innovation driven economy."
Chainvine, backed by Deepbridge Capital, has in the last two years collaborated with the governments of Seychelles and the United Kingdom to find better ways for importers and exporters to comply with international trade through data.