Baku, Azerbaijan, May 17
By Azad Hasanli - Trend:
Azerbaijan's financial sector is unlikely to use blockchain technology in the near future, Nukri Tetrashvili, director of TBC Kredit, a non-bank credit organization, said in an interview with Trend.
Tetrashvili noted that this technology cannot be yet realized among NBCOs.
"Yet, there is no sense for use of the blockchain technology by NBCOs. However, this technology has a potential in the banking sector, but I do not think we should expect application of the blockchain technology in this sector in the near future. This mainly depends on optimization issues - creation of a new block in the chain requires a lot of energy and banks will switch to using the blockchain technology only when it is financially profitable," he said.
Nevertheless, according to him, there are a number of other areas in Azerbaijan, where application of the blockchain technology is possible.
Tetrashvili said this technology can be used in provision of the public services.
"The House of Justice - a Georgian analogue of ASAN Service - operates in Georgia. All data, all transactions that are carried out in these houses, are stored in the blockchain, " he said.
He stressed that there is also possibility to use the blockchain technology in the field of medicine.
Tetrashvili said this technology can simplify the work of doctors with patients. "The doctor will no longer ask the patient for medical history - all the data will be in the blockchain," he explained.
In addition, he continued, the blockchain technology can be used for money transfers.
"For example, the blockchain can replace SWIFT. In Azerbaijan, it can be used for manat transfers, which are now controlled by the Central Bank of Azerbaijan. Thus, transfers will be made faster," Tetrashvili said.
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