IBM and the Central Financial institution of Azerbaijan (CBA) will reportedly collaborate on employing blockchain know-how in the country’s financial system, Central Asian-targeted Trend News Company reviews Oct 9.
Trend Information Company is an established news company company spanning the Caucasus, Caspian region and Central Asia, with committed information platforms in Azerbaijani, Russian, Turkish and Persian, together with an English-language platform
The company states that the director of the Information Technologies Division at the CBA, Farid Osmanov, disclosed news of the five-calendar year application for the electronic transformation of the economy at the Azerbaijan-Germany Organization Forum on Vitality and ICT in Baku before right now.
Osmanov reportedly said the central bank will be cooperating with IBM especially on blockchain, adding that the transformation software would be “fairly large,” and fork in two directions:
“The to start with direction corresponds to strategies for digital transformation. This initiative will be carried out in a 5-calendar year prepare, which aims to fulfill the requirements and requires of the country’s financial state and banking sector.”
The 2nd direction for the partnership is the progress of a digital identification process, Development Information Agency reviews. Osmanov reportedly explained the initiative included the cooperation of “around” 10 industrial financial institutions and 15 government companies.
IBM has not responded to Cointelegraph’s request for comment as of push time, and Trend notes that the “story is nonetheless creating.”
IBM has previously cooperated on an institutional blockchain progress initiative of a identical significant scale. This July, the tech big signed a five-calendar year AU$1 billion ($740 million) offer with the Australian authorities to use blockchain and other new systems to enhance info safety and automation across federal departments, such as defense and residence affairs.