The platform will deploy blockchain and smart contracts in asset custody, currency exchange, and alternative investment financial services and would work similar to liquidity pools on DeFi protocols.
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Central Bank of Azerbaijan plans to expand digital identification system [Trend News Agency, Baku, Azerbaijan]
Jan. 29 The extensive automation programs are currently being developed in the digital identification system, which was presented to the Azerbaijani public in October 2020, Sahib Hasanov, representative of the Information Technology Department of the Central Bank of Azerbaijan (CBA), told Trend on Jan. 28.
“Hyperledger Fabric blockchain platform which envisaged storage of customer data in a database based on distributed ledger technology by maintaining complete confidentiality was introduced within this project for the first time in Azerbaijan,” Hasanov added.
“One of the main goals of introducing these elements was to increase the coverage of offered electronic banking services, as well as to build Client-Bank relations at a more advanced level by using the latest technological solutions,” a representative of the department said.