IBM will help the Central Bank of Azerbaijan to implement the blockchain in public services

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IBM will help the Central Bank of Azerbaijan to implement the blockchain in public services

According to Osmanov, the Azerbaijani authorities intend to use the experience of IBM in two ways:

“The first direction corresponds to plans for digital transformation. This initiative will be implemented roughly within a five-year plan, which aims to cover the requirements and needs of the economy and the banking sector. The second area is the development of system of digital identification. We are together from about ten commercial banks, and fifteen state institutions,” he said.

The Ottomans made it clear that the decision to use the technology of the blockchain in the state program on cashless payments.

“Now preparing a feasibility study for the project of application of blockchain platforms. The main goal is to ensure that commercial banks work with their customers and provide them with timely access to the provided services”, – said the Ottomans.

According to him, the use of the blockchain will reduce the time of opening a Bank account – this process can be done remotely. In addition, the blockchain will allow Bank’s clients to speed up the procedure of obtaining a loan.

“The blockchain is beneficial from the point of view of efficiency and transparency. In addition, the application of this technology will open up new opportunities for developers,” concluded the Ottomans.

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