Baku Trade Port seeks to use blockchain technology

Baku, Azerbaijan, March 13

By Maksim Tsurkov- Trend:

The Baku International Sea Trade Port will apply blockchain technology in its activity, head of the Port Taleh Ziyadov said at the first conference of the Silk Road Support Group of the OSCE Parliamentary Assembly in Baku March 13.

It is planned to turn the new Baku port in Alat into the most technologically advanced port in the Caspian Sea, he added.

"We will use blockchain technology to significantly speed up operations and make them more transparent, while the Port itself will become the most technologically advanced in the Caspian Sea," Ziyadov stressed.

He noted that the Port will be able to handle up to 15 million tons of cargo per year already in May, with the completion of the first phase of construction.

Blockchain is a way of storing data or a digital register of transactions, contracts, and deals. Its main difference and undeniable advantage is that this registry is not stored in one place, but is distributed among several thousand computers all over the world.

The principle of the blockchain technology is quite simple: digital records are combined into "blocks", which are then linked cryptographically and chronologically into a "chain" using complex mathematical algorithms. Each block is associated with the previous one and contains a set of records.