Azernews.Az

By Rashid Shirinov

Azerbaijani entrepreneurs were shown the advantages of applying the blockchain technology in their activities, Osman Gunduz, Chairman of Azerbaijan Internet Forum, told Trend on June 28.

He said that this issue and those of creating Smart contracts and conducting ICO (Initial Coin Offering) became the main issues at the conference organized for representatives of the private sector by Azerbaijan National Confederation of Entrepreneurs’ Organizations and the Center for the Study and Development of the Market for Cryptocurrency and Blockchain Technology.

“The entrepreneurs were presented in detail the opportunities of using blockchain technology and told about how they can use tokens and get into the ICO. The latter is especially important for the companies that cannot attract the investment they need,” Gunduz said.

He added that currently there are a number of companies in Azerbaijan that have got into the ICO, as well as a number of government agencies that began to use blockchain technology. These include the Central Bank of Azerbaijan and the Ministry of Taxes.

“As part of the event, an agreement was reached with the Confederation that entrepreneurs will cooperate with the Center for the Study and Development of the Market for Cryptocurrency and Blockchain Technology in all of the above areas,” Gunduz noted.

He said that the entrepreneurs reacted positively to the proposal, adding that such meetings will be organized regularly, and holding a major conference with the participation of well-known international platforms and local entrepreneurs is planned for the near future.

The Center for the Study and Development of the Market for Cryptocurrency and Blockchain Technology was established in early April 2018. The Center focuses on awareness-raising, preparation of proposals on the regulation of the cryptocurrency market and blockchain, as well as the provision of consulting services in this area.

A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. Most often, copies of block chains are stored on a variety of computers and are independently of each other processed by them.

The first blockchain was conceptualized in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions.

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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov

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