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bakutel - Blockchain technology to facilitate operations among Azerbaijani banks
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Blockchain technology to facilitate operations among Azerbaijani banks


The blockchain technology will greatly facilitate operations among Azerbaijani banks, Executive Director of Azerbaijan’s Center for Analysis of Economic Reforms and Communication Vusal Gasimli said May 17 in Baku at a conference titled “New Trends in Financial Technologies: Blockchain, Cryptocurrencies and Security.”

He said that the use of the blockchain technology will eventually make it possible to abandon clearing operations.

“This approach is already being applied by the banks of India and Ireland,” he noted. “This may become an alternative to the clearing system we got used to. The application of blockchain technology in interbank operations means switching to a new level. From this point of view, I think it is necessary to analyze such application of blockchain technology and start to use it in operations among banks in Azerbaijan.”