Azerbaijani Startup and Real Estate Begins Migration Toward Blockchain
Azerbaijan appears to be following the footsteps of the rest of the world in recognizing the importance of blockchain. The State Property Issues Committee had announced steps on migrating real estate registrations in the blockchain, according to Trend News Agency.
The director of Information Technologies and Data Management Center of the State Committee, Anar Narimanov, announced that the country's initial foray into corporate blockchain by launching the said platform only a day earlier.
There is also the case of IQRex, a blockchain platformer which had been migrated to the blockchain platform. Director Tural Karimli of High Tech Park LLC made the announcement to reporters asking about it on December 13, Mena FN reported.
Blockchain had gone a long way from being the fringe tech to being taken seriously, he said. It has since been covered generously as an upstart disruptor of things and has become a 'global trend' which is being used in countless industries. He further explained that the technology is being used in a wide range of transactions including document certification and transmittance, payments, and state registration.
It was the Ministry of Transport, Communications, and High Technologies which was responsible for bringing the first blockchain platform in Azerbaijan. As for the first company to consider using it in an industrial form, it was IQRex which decided to take the leap.
Karimli highlighted the global use of blockchain technology, saying that even Dubai is eyeing a 2020 full transition to blockchain technology. He pointed out another country, Georgia, which is already using it for real estate registration. Azerbaijan, for its part, is looking at blockchain technology as a supporting platform for entrepreneurs and startups who wanted to begin using next-gen technology.
Director Anar Narimanov, meanwhile, highlighted the use of blockchain for a deeper form of security. With it, he cited the ability to hinder certain persons from having real estate transactions. He also highlighted the ease of verifying a person's right to real estate or any transactions. He said that it would depend largely on blockchain to create safeguards in transactions.
Azerbaijan is taking blockchain deadly serious. There are plans to develop a research center that would look into the use of blockchain for an increasing number of transactions in the country. There is also a possibility that human resources for and created by blockchain would be one of the first projects to come about.