Blockchain based Digital Identification System under realization by the Central Bank discussed at Finopolis 2019

15-10-2019

15 October 2019, Baku: The blockchain based Digital Identification System realized by the Central Bank of Azerbaijan as a pilot project was discussed at a round table at the Finopolis 2019 Forum organized in the city of Sochi of the Russian Federation on 9-11 October 2019.

The main goal of the Finolopis 2019 held by the Bank of Russia, considered to be the most innovative fintech event in the country, is to promote and support innovative technologies on the backdrop of digitalization of the country’s financial and banking sector. Over 130 speakers from various countries, and over 1400 innovative fintech experts joined the forum and conducted an extended exchange of opinions.

The Forum participants discussed innovative fintech projects of the central banks of Turkey, Russia, China and Kazakhstan and related future plans. Also, they saw presentations on fintech and projects introduced by Russian banks, startups and technological companies of financial markets.

A representative of the Central Bank of Azerbaijan, invited by the Bank of Russia and the Russian FinTech Association as a speaker informed the auditorium on the goal and benefits of the blockchain based Digital Information System realized by the Central Bank within the framework of the ‘State Program on expansion of digital payments in the Republic of Azerbaijan in 2018-2020’ approved by Decree of the President on 26 September 2018. As a result of the realization of the said project individuals and legal persons will be able to promptly get distant banking services without having to go to banks, there will be no need to present required information in paper carriers that will ensure data integrity, accessibility and confidentiality.

After the presentation that attracted forum participants’ great interest representatives from near and far neighboring countries expressed their intentions to visit the Central Bank and cooperate on introduction of shared register technology in the banking system.