IBM to Work With Azerbaijan Central Bank to Help Them Use Blockchain
Major tech giant IBM and Central Bank of Azerbaijan set to work together to implement Blockchain technology to the country’s economy reports the local press.
The news stated the Technology Department of Central Bank of Azerbaijan, Farid Osmanov, confirmed the new five-year program of the digital transformation of Azeri economy during a panel help in the capital Baku.
Osmanov said CBA will work closely with IBM for Blockchain related products and he said he expects this program would be fairly large and split into two different directions.
Osmanov quoted with saying:
“The first direction corresponds to 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.”
The second direction for the partnership set to focus on digital identification systems, according to Azeri press. Osmanov said for that partnership, they are going to use the experience of 10 commercial banks and 15 governments agencies to help system to flourish better.
IBM has yet to respond to the latest developments but if they are going to work with Azeri officials, it means that Azerbaijan’s economy will be much stronger thanks to Blockchain related products.
IBM previously worked with the companies or institutions on a global scale before. For instance, back in July, the tech giant has signed a $740 million dollar with Australia government to improve data security and automation across the country.
Many countries in the world are actively looking for Blockchain to improve their economic transformation. Authorities say with Blockchain is on the horizon, we can expect similar moves like that in the future. Governments are looking to cut out on costs and look to improve efficiency, so this makes Blockchain a very ideal candidate to do so. Time will tell us which countries will be the next to use and test this brilliant technology.