IBM to cooperate with Azerbaijan to transform its economy by using blockchain

azerbaijan ibm blockchain

Recent reports indicate that IBM will cooperate with the Azerbaijan Central Bank (CBA). The goal of the cooperation is to implement blockchain technology in the country’s existing infrastructure.

Reports on IBM’s partnership with Azerbaijan emerged by Trend News Agency, a news organization for the Middle East and Central Asia. The Director of the Department of Information Technology of the CBA, Farid Osmanov, announced the partnership during an event in the country’s capital, Baku, on Tuesday, October 9.

According to the report, the program is a five-year plan that will greatly increase the efficiency of the country’s economy. According to Osmanov:

“The first direction corresponds to the plans for digital transformation. This initiative will be implemented within a five-year plan, which aims to meet the requirements and needs of the country’s economy and banking sector.”

CBA will also work with several commercial banks and government agencies to implement a new system. This will allow banks to collect, store and analyze customer information. This will provide a better banking experience and a more efficient system:

“The second direction is the development of a digital identification system. We are working together on this with about 10 commercial banks and 15 government agencies,”

Osmanov specifically mentions blockchain technology when discussing the use of non-cash payments. However it is not clear whether the country is considering a move to use cryptocurrencies to replace cash transactions.

“The use of blockchain technology is specified in the state program for non-cash payments. The main goal is to enable commercial banks to work with their customers and provide them with timely access to their services,”

IBM has not yet confirmed that the partnership will indeed happen. There is currently no more evidence that the partnership is in fact solidified beyond Osmanov’s comments. This would however be a big move towards mass adaption of blockchain technology.

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