The U.S. tech giant IBM and the Central Bank of Azerbaijan (CBA) are expected to join the partnership in order to utilize the benefits of blockchain use cases. The recent news came when Trend News formally announced it on 9th October.
Trend News Agency is one of the leading news service providers with a presence in various continents like Central Asia and the Caucasus. The company is actively offering its news services in a variety of languages namely Russian, Azerbaijani, Persian, English, etc.
Further speaking to the subject matter, Farid Osmanov, the Director of the Information Technology Department at the CBA elaborated the concept saying that there is a need for digital transformation of the entire economy under the five-year program. He explained about the new age technology – Blockchain use case at the Azerbaijan-Germany Business Forum on Energy and ICT in Baku met on 9th October.
While the U.S. tech giant IBM has already created the partnership with numerous sectors specific companies through the blockchain use cases, the central bank is inclined to IBM on the same space as the entire transformation program has been designed in a fair manner. Osmanov further explained the concept saying that “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.”
Almost more 10 commercial banks and 15 government agencies are actively involved in building the entire ecosystem thereby creating a digital identification system.
As stated earlier, IBM has helped many companies build a blockchain development initiative on a larger scale. In July this year, the company has executed a five year AU$1 billion ($740 million) contract with the Australian government to use blockchain use case in order to secure data security and streamline the automation process across the federal department, defense and home affairs!!