The American technology giant IBM will help banks in the
Republic of Azerbaijan to introduce the blockchain technology into the cashless
payment system. Also, developers are going to expand the use of the blockchain
also for interbank transactions.
As the TrendNews Agency reports, the head of the information technologies
department of CBA (Central Bank of Azerbaijan) Farid Osmanov is confident that
the cooperation program will be multi-dimensional. According to the official,
this is a fairly large program that will be implemented in two directions:
“The first direction takes the plans for digital
transformation. This initiative will be implemented within the framework of the
five-year plan, which aims to meet the requirements and needs of the economy
and the banking sector of the country. The second direction is the development
of a digital identification system. We are working on this together with 10
commercial banks and 15 state structures “, – said the CBA representative.
Mr Osmanov noted the use of blockchain technology is a
priority in Azerbaijan. Currently, as the official noted, a technical
justification is being prepared for the use of the blockchain platform through
the legislative initiative, as well as a decision to grant a license from the
CBA to conduct commercial services using the blockchain project.
“The main goal is to enable commercial banks to work
with their customers and provide them with timely access to the services
provided,” said Farid Osmanov.