Azerbaijan’s Blockchain-Based ID System Nearing Completion

Asia Blockchain Review
November 17, 2019

The Central Bank of Azerbaijan has revealed that the country will implement a blockchain-based ID system within the first quarter of 2020. The system is being developed to enhance the security and efficiency of Azerbaijan’s national ID.

Blockchain-based System For Open Banking

The central bank earlier announced its goal to institute a digital ID system, expressing confidence that the system would greatly increase the efficiency and security of personal data transfers between financial institutions. The next step is to allow corporate businesses, individuals, and other legal entities to remotely open accounts.

Farid Osmanov, Director of the Central Bank’s Information and Technology Department, said, “Other banking services will follow, and at the final stage it is planned to automate the monitoring of funds aimed at financing terrorism and money laundering.”

“The direct result of all this will be the transition of the CBA to open banking,” he added.

Blockchain: The Perfect ID Verification Solution

Azerbaijan is not the first country to use the blockchain technology to verify identification. On October, 30 South Korean-based firms collaborated on a blockchain-powered system to verify the identity of debtors and new clients opening accounts. Using a complicated decentralized ID system, the platform allows users to manage their accounts with their smartphones.

A similar type of system is expected to be created by Azerbaijan, whose central bank has recognized blockchain as the perfect solution. The country began developing such a system in 2018, launching the “State Program on Expansion of Digital Payments for 2018-2020,” which has been implemented by a number of firms and agencies.

Source: coingeek.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Aircraft Parts Maker Moog Inc Adopts Blockchain for Digital Models
Aircraft parts maker Moog Inc. has been running a trial that combines blockchain technology with 3D ...

December 6, 2019

BNY Mellon is Newest Member of Marco Polo Blockchain Network
The Bank of New York Mellon (BNY Mellon) has joined the Marco Polo blockchain trade finance network ...

December 6, 2019

Central Bank of France: Blockchain Can Answer Market Demands
The first deputy governor of the Central Bank of France says that blockchain can be implemented to c...

December 5, 2019

Red Cross Developing Blockchain-Based Currency for Aid Distribution
Three national units of the Red Cross plan to use blockchain-based currencies instead of cash and vo...

December 5, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us