On October 30th, The Ministry of Justice of Azerbaijan announced to use blockchain technologies and SMART contracts in the housing and utilities sector.
They would bring these smart contracts into public utilities such as gas, water, and electricity supply which would increase transparency. Azerbaijan has already made a five-year plan that will entail the central bank of the nation and IBM working to deploy the technology. This initiative has ambitions to modernize the country’s banking sector, resulting in benefiting the aggregate economy.
The ministry’s plans include a project entitled as “Mobile notary office”, which provides for the accumulation of all notarial documents in one case, which will help in notarization of an electronic document.
This is a five-year plan between IBM and the Ministry which will increase the nation’s efficiency, economic wise. The main focus is on the banking sector and the economy of the nation.
In this arrangement, they will work with various commercial banks and national agencies to ensure the system is implemented. Banks will be able to collect and analyze customer data to ensure better service delivery and more clarity in the system.
A government official revealed their plans to implement a non-cash system, the aim is to ensure that banks can offer customers efficient service. IBM didn’t release any details on this project.
Another area that the Chairman thinks that the technology can be particularly important is in that of ”electronic courts”.
Whether this deal is implemented or not or these are just plans IBM has proven it is a world leader in the technology. Recently it announced a Food Trust program which is powered by the blockchain and it is used to track food from the source to the final point.
This is coming at a very crucial time when there is pressure for the food sector to be more transparent about how it sources its food. Retailers have already implemented the system including Tyson Food, Unilever, and many others and IBM also created World Wire, which is a competitor.