Azerbaijan Striving to Digitize its Economy

Azerbaiyán blockchain

While cryptocurrencies took the financial sector with a bang, for other countries blockchain technology is giving governments a chance to digitize their economies to provide better and efficient services to its residents. Among the countries which have made blockchain technology, their next frontier is Azerbaijan.

Since 2018, Azerbaijan has laid out its blueprint to leverage blockchain technology in certain areas to improve its economy. In particular, the Azerbaijan government has set plans in motion to digitizing its e-governments systems and banking systems to improve overall service delivery.

It is only recently that an official from the Central Bank of Azerbaijan hinted on a forthcoming innovation being implemented in the banking sector dubbed blockchain system and artificial intelligence in the banking sector.

On the other hand, a press briefing from Azerbaijan’s State Customs Committee chair unveiled plans under development to create an online accessible cargo transportation database based on blockchain technology.

To succeed in its endeavour of revolutionizing how business is done through leveraging blockchain technology, Azerbaijan isn’t working alone. Among the partners working with the government is IBM, which is working to integrate a distributed ledger into the country’s financial system.

Apart from IBM, Azerbaijan is also working with Lenovo Professional Services, which is in place to take care of hardware requirements.

While the above points to stories while depicting the government’s plans, the government has already taken some initiatives in the Digital Tarde Hub where specialists have already put in a Single Export Application.

Right at the latter dashboard, every document about export subsidy, customs declarations, permissions, and even licenses are available online for local producers. Furthermore, Azerbaijan has beaten other countries except for Estonia and now boast of providing electronic residency to people.

However, Azerbaijan has beaten even Estonia and is the first country to provide mobile residency to people. Through the latter, foreigners can register a company and establish it in under one day while in Azerbaijan. As the above points to initiatives being made to digitize everything one solution that purely relies on blockchain technology that is up and running is under the State Program on Expansion of Digital Payments for 2018-2020 roadmap.

Through the latter, a private blockchain framework was unveiled by the government for user identification. It uses Lenovo ThinkAgile HX7820 Appliance software and hardware to run.