[Developing Story] IBM, Central Bank of Azerbaijan (CBA) to Collaborate On Blockchain Project

IBM And Azeri Central Bank To Cooperate On Blockchain Development

The Central Bank of Azerbaijan has recently started a partnership with IBM to implement the blockchain technology on the country’s economy. The story was originally reported by a news agency of Central Asia.

This news agency has affirmed that the director of the Information Technology Department at the Central Bank of Azerbaijan, Farid Osmanov, has revealed that there are solid plans for a five-year program that will transform the digital economy in the country at the Azerbaijan-Germany Business Forum on Energy and ITC in Baku.

Reports seem to indicate that the director has great expectations for the program as it will be “fairly large”, according to him, and that there are two directions in which the plan is to be taken.

The two main directions will be to make a complete digital transformation of the economics in the country during these five years as a way to meet the requirements to improve the banking sector in the country and then to develop a digital identification system that will be used by governmental agencies and commercial banks in the country.

At the moment, IBM has still not contacted the media to talk about this story. However, it is important to note that IBM has already cooperated in similar enterprises before, like in July, when the tech giant signed a big deal for a five-year cooperation program with the Australian government.

The deal, which ensured $740 million USD for IBM, was to use the blockchain technology in order to improve automation and data security among federal departments of Australia, including some key areas like home defense.

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