IBM Foresee Digital Makeover Of Azerbaijan Through Ledger And Smart Contract Development

The most unique feature of the blockchain, SMART contract development is going to bring in a digital transformation in Azerbaijan. The tech giant IBM seems deeply interested to step in the makeover of the country’s economy. The Central Bank of Azerbaijan (CBA) will be working in collaboration with IBM for the development of blockchain technology.

The Ministry of Justice of Azerbaijan has ordered a plan for utilizing blockchain technology in the development of housing and utility sector. The agencies have started gathering information about the electronic services and systems of the various structural units for the enhancement.

The government is interested in implementing initiatives for digital transformation and SMART contract development within a duration of five years in order to fulfil the requirements of the economy.  CBA Director of the Information Technology Department Farid Osmanov stated that they are planning to develop digital identification system for 15 government agencies and 10 commercial banks. He further added that the use of blockchain technology will be done solely for non-cash payments in specific state programs. Currently, CBA is developing an app that facilitates the banks to gather, store and analyze information. (Via Trend)

The Chairman of the Azerbaijani Internet Forum (AMF) Osman Gunduz revealed that the ministry has been pretty much interested in the implementation of emerging blockchain technology. The government bureau is, in fact, planning to launch a project that will do notarization of an electronic document. He believes that blockchain technology has been pretty much successful when a registry is created.

Major Significance Of SMART Contract Development

The SMART contract development project will be launched for the public utility sector which includes basic necessities like water, electricity and gas supply. The existing accounts will be switched over to SMART contracts which will offer transparency and monitoring by the citizens. It will further ensure the independent control of the user to access the facilities all the time as mentioned by Trend.

 

 

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