Azerbaijan Eyes Blockchain And Smart Contracts Use In Legal System And Utilities
Azerbaijan has revealed plans to implement smart contracts and blockchain technology in its justice system and housing industry. The chairman of an internet forum made the plans public. He said that introducing smart contracts into the justice system had some people interested.
He added that in future, they would bring these smart contracts into public utilities such as gas, water, and electricity supply. As a result, this would increase transparency. It would make it possible for the government to fight fraud in this area. Besides that, it would place power back in the hands of citizens.
The comments are in line with what has been happening in Azerbaijan. The nation has embraced the blockchain. It seeks ways it can innovate with the technology. Azerbaijan has already laid out a five-year plan that will entail the central bank of the nation and IBM working to deploy the technology.
The Justice Ministry
For the justice minister, the legal system could benefit greatly from the blockchain. However, it was noted that progress has not been as expected thus far. The nation wants to develop something called electronic courts. However, the progress still not satisfactory. A senior official said that there was clearly a need to put more support into this area.
IBM’s Work In Azerbaijan
In recent reports, it has emerged that Azerbaijan is working with IBM to adopt the blockchain in the financial system. IT is a sign that the nation plans to embrace the technology and all its benefits.
This is a five-year plan that will increase the nation’s efficiency, economic wise. The focus is on the banking sector and the economy of the nation. In this agreement, they will work with various commercial banks and national agencies to ensure the system is implemented. Banks will be able to collect and analyze customer data to ensure better service delivery.
The second stage will be an identity system powered by blockchain technology. They will work with ten banks and fifteen agencies to implement this stage. There are even signs that the nation might replace physical cash with digital cash.
A government official said that plans to implement a non-cash system were underway. According to him, the aim is to ensure that banks can offer customers efficient service. However, IBM has yet to release any details on this project.
IBM And Blockchain Technology
Whether this deal is implemented or not IBM has proven it is a world leader in the technology. Recently it announced a Food Trust program. This system is powered by the blockchain and it is used to track food from the source to the final point.
This is coming at a time when there is pressure for the food sector to be more transparent about how it sources its food. Many retailers have already implemented the system including Tyson Food, Unilever, and many others. IBM also created World Wire, which is a competitor to the Ripple system, used to secure international payments.