Azernews.Az

By Leman Mammadova

Azerbaijan can benefit from the EPOCH Partners Company’s services, which provides the advanced digital investment management services, to improve blockchain technology in the country.

Blockchain, a way of storing data, or a digital registry of transactions, deals, and contracts, has gained wide popularity over the past two years. Its main difference and undeniable advantage is that this registry is not stored in one place, but distributed among several thousand computers around the world.

The principle of operation of the blockchain is quite simple - digital records are combined into "blocks", which are then linked cryptologically and chronologically into a "chain" with the help of complex mathematical algorithms. Each block is linked to the previous one and contains a set of records. New blocks are always added at the end of the chain.

Japanese delegation led by Kazuteru Yokomori, director of the EPOCH Partners Company, one of the leading investment companies in Japan, and Tural Karimli, Director of Azerbaijan Innovation Agency, discussed on July 3 the development of blockchain technologies, application of blockchain and crypto mining and investment opportunities in Azerbaijan.

The guests viewed the laboratory and business incubation and acceleration center operating at the Agency, and reviewed high-tech activities, future plans and innovative ecosystems in the country.

They also exchanged views on the prospects of cooperation in the field of innovation and high technologies.

Center for the Study and Development of the Market for Cryptocurrency and Blockchain Technology is aimed at 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.

Recently, Azerbaijan started cooperation with IBM Corporation on the use of blockchain technologies in customs procedures.

The cooperation with the Japanese colleagues from EPOCH Partners promises Azerbaijan the best experience on the development of blockchain technologies.