13 December 2018 18:00 (UTC + 04: 00)
The Ministry of Transport, Communications and High Technology of Azerbaijan calls on state agencies in the country to cooperate in the use and development of blockchain technologies, Minister of Transport, Communications and Advanced Technologies Ramin Guluzade told a conference on the launch ceremony of the first corporate blockchain platform on December 13, trend reports.
He said that blockchain technology has recently become a global phenomenon and, in connection with the use of this technology, new mechanisms are being formed.
"The pilot projects on inter-bank transactions based on blockchain technology are being implemented in many countries," the minister noted. "These technologies are used in system logs, software solutions for e-signature data processing, and we believe this area should be extensively studied in Azerbaijan. an agency for innovations in the ministry and a series of objectives, including the development of startups and IT projects based on the use of blockchain technologies, have been defined before this agency. "
Blockchain is a way of storing data or a digital register of transactions, offers and contracts. Its main difference and undeniable advantage is that this registry is not stored in one place, but distributed among several thousand computers all over the world.
The blockchain principle is quite simple: digital records are combined into "blocks", which are then cryptologically and chronologically linked in a "chain" with the help of complex mathematical algorithms. Each block is linked to the previous one and contains a set of records. The new blocks are always added to the end of the chain.
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