A pilot project of the Central Bank of Azerbaijan (CBA) regarding a blockchain-based digital identification system was discussed at the Finopolis 2019 forum in Russia’s Sochi city, Trend reports referring to the CBA.
The objectives of the project, as well as the benefits that will be received, were described during the event.
The purpose of the development of the system is to expand digital services in Azerbaijan, as well as to ensure safe work with clients by using innovative technologies.
As a result of the project implementation, individuals and legal entities will be able to get access to the banking services remotely. The required data will not be written on paper, which will ensure the integrity, accessibility and confidentiality of information.
The system was developed as part of a project aimed to create a digital identification system based on the blockchain and confirmed by the Financial Market Supervisory Authority of Azerbaijan (FIMSA).
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