The agreement between Chainvine and Seychelles took place virtually yesterday at the Department of Foreign Affairs, Maison Quéau de Quinssy.
The agreement was signed by the principal secretary for the Blue Economy, Kenneth Racombo on behalf of Seychelles and Oliver Oram, chief executive of Chainvine.
Also present at the virtual ceremony was secretary of state for Foreign Affairs and the Blue Economy, Ambassador Barry Faure; Xavier Estico, chief executive of the National Institute for Science, Technoogy and Innovation (Nisti); Pamela Payet, technical advisor to the secretary of state and Mawess Gabriel, principal information and communication officer for the department of the Blue Economy.
The Seychelles National Assets Management System (SNAMS) is a novel platform that will allow users to track fish from ‘sea to sell,’ as it collates data and issues unique certification for fishing catches and quota.
SNAMS, as a Block chain technology, has in addition a sustainability label to it.
The system is expected to be fully remote, thus decreasing processing time and eliminating the need for physical interaction.
A strong emphasis on monitoring and evaluation throughout the pilot process will increase the potential for effective use of the platform for mineral security.
It also provides security in a most trusted-way, provides sustainability of the supply chain transactions.
The system is expected to ease the processes of doing business in the fisheries sector, which is currently of particular importance to Seychelles in view of the damaging effects of the Covid-19 pandemic on the country’s first economic pillar; tourism.
Chainvine Limited has developed a unique secure, efficient and scalable technology platform which allows interoperability among differing Blockchain/Distributed Ledger Technologies (DLT) and easy coexistence with, and retrofit to, existing technology infrastructure.
The platform allows the efficiency and compliance benefits of DLT to be utilised on a retrofit basis without the complete transformation of existing IT systems.
This project would not have been a success without the support and collaboration of the local stakeholders, principally the National Institute of Science Technology Innovation (Nisti). Their technological 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 innovation-driven economy.
Vincent Meriton, vice-president of the Republic of Seychelles, commented: “The success of the pilot will enable the SNAMS to help the government with the management of all national assets to encourage sustainable business and development in the Blue Economy”.
Oliver Oram, chief executive of Chainvine, commented: “The technical platform/process we have created is hugely ambitious and is the next level in sustainability for the Blue Economy. Working with different ministries and key players in the Seychelles Blue Economy has enabled Chainvine to develop its proposition utilizing 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.”