Central Bank holds event on launch of Blockchain based Digital Identification System

14-09-2018

14 September 2018, Baku: The CBA holds various events on extension of digital banking, one of the priorities of the ‘Strategic Roadmap on Development of Telecommunication and Information Technologies’ approved by Decree of President of the Republic of Azerbaijan dated 6 December 2016.

The CBA entered into a procurement agreement with the IBM East Europe/Asia Ltd on creation of a Digital Identification System and attraction of an appropriate expert. A detailed action plan covering contractual activity directions has been developed and kicked-off. As follow-up of related efforts, the Bank conducted related meetings with the participation of experts from the IBM East Europe/Asia Ltd, representatives of a number of credit institutions, the Financial Markets Supervisory Authority and related public institutions on 11 – 12 September 2018.

The participants were in general informed on the blockchain technology and best practices, followed by interactive presentations on ‘Digital identity – the basis for digital government and e-society’, ‘Digital identity application areas’ and the ‘Know Your Customer policy’.

The Bank will continue cooperating with related organizations on successful completion of the project and its strategic expansion to other directions.