The Central Bank of Azerbaijan has rolled out the digital identification system BankID, developed with technology giant IBM, and built on the Hyperledger Fabric blockchain. ForkLog was told by representatives of the company.
The system will enable individuals and corporate clients to open bank accounts remotely and to order bank cards. In the future, they will be able to obtain loans and credit cards.
The blockchain technology will improve data accuracy and minimise the risk of fraud.
“The digital identification system, developed in collaboration with IBM, will help Azerbaijan’s commercial banks accelerate digital transformation, improve the quality and timeliness of customer service,” said Farid Osmanov, the executive director of the Central Bank of Azerbaijan.
In the future, BankID will be connected by other government agencies and authorised service providers from various sectors of the economy.
In October 2018, IBM said it was ready to help Azerbaijan’s banks implement blockchain in the cashless payments system.
Subscribe to ForkLog news on Telegram: ForkLog Feed — full news feed, ForkLog — the most important news and polls.