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Azerbaijan Allegedly Set To Partner With IBM Over Blockchain

IBM is developing blockchain technologies for a number of institutions on a global scale.


 

IMB In Another Blockchain Partnership

Media reports indicate that Azerbaijan’s top bank is set to partner with tech giant IBM to roll out a blockchain platform in the country.  The unconfirmed reports were published by the Trend News Agency which has operations in a number of European countries.

The news outlet reported that the country’s  Central Bank head of IT Farid Osmanov said that the plan will run for a period of five years. The entire program is part of the country’s digital transformation plan. He was speaking during a conference in Baku on Tuesday.

He pointed out that the partnership will solely focus on the blockchain. Osmanov stated that the program will be large. He added that the rollout will take two directions. Under the first direction, we will have the digital transformation that will last for five years. In the end, it aims to meet the needs of the country’s growing financial sector. The next phase in the partnership will entail rolling out an identification platform. The report stated that the government will incorporate about 10 banks with a total of 15 state agencies.

Following the reports, IBM is yet to give an official statement. However, the story is open and more details are expected to be unveiled soon.

Prior to the development, IBM has partnered with a number of firms to set up blockchain in the similar case. Recently, IBM partnered with the Australian authorities in a deal worth $740 million. The partnership will enable the state to deploy blockchain and other systems to enhance information security and automation within public departments.

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