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.