The Central Bank of Azerbaijan started a blockchain system of identification of bank clients
| Customers: The central bank of the Republic Azerbaijan (Mərkəzi Bank - Central Bank of Azerbaijan) To tank; Financial services, investments and audit Contractors: IBM Product: Projects based on blockchain technologySecond product: Hyperledger Fabric Project date: 2020/10
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In October, 2020 the Central Bank of Azerbaijan started a blockchain system of identification of bank clients. The solution under the name BankID will allow citizens and legal entities of the country to use online services of banks safely.
The new project of the regulator became a part of the state program on expansion of digital payments in the Azerbaijan Republic in 2018-2020. The system working at a blockchain basis was created by IBM company using Hyperledger Fabric — the platform with the dug-out code of consortium Linux Foundation. Such technologies help to ensure safety, simplicity and convenience of financial transactions, declared in the Central Bank.
A system is constructed based on programmatically the defined and virtualized infrastructure and works by the principle "know the client", i.e. it allows banks to check whether really the client is that for whom issues itself and whether he observes current laws.
Citizens of Azerbaijan will be able to manage the digital certificates online — it will increase the accuracy of data and will minimize possible fraud risks. Thanks to implementation of a new system individuals, individual entrepreneurs and legal entities of Azerbaijan can open remotely bank accounts now and order bank cards. In the near future there will be an opportunity to obtain loans, credit cards and to use other financial services.
 | The blockchain allows to build an ecosystem which cornerstone reliability and transparency is. We were glad to apply our knowledge and work experience in the different countries of the world during creation of the protected and stable system to the Central bank of the Azerbaijan Republic — the associated partner, the head on development of the innovation and blockchains-applications of BM Services in Russia and the CIS Victor Chumakov reported.[1] |  |
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