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IBM will help Azerbaijani banks to introduce blockchain into the payment system



Technology giant IBM will help banks in Azerbaijan to introduce the blockchain technology into the cashless payment system. This is reported by Trend News Agency.

“The main goal is to enable commercial banks to work with their customers and provide them with timely access to the services provided,” said Farid Osmanov, director of the information technology department at the Central Bank of Azerbaijan.

Commercial banks will get access to a single blockchain platform on which customer information will be stored. According to Farid Osmanov, the introduction of technology will also allow customers of financial institutions to issue loans more quickly.

In the framework of the state program of Azerbaijan, IBM will also assist banks in the development of digital identification.

Earlier, BlockchainJournal reported that IBM will help Saudi Arabia to implement blockchain in government.

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