Possibility of using smart contracts reviewed in Azerbaijan

ICT Materials 18 May 2018 10:07 (UTC +04:00)

Baku, Azerbaijan, May 18

By Anvar Mammadov – Trend:

The possibility of using smart contracts based on blockchain technology is being reviewed in Azerbaijan, Vusal Gasimli, executive director at the Azerbaijani Center for Economic Reforms and Communication, told Trend May 17.

He said that this technology is currently being reviewed by Azexport portal and the Digital Trade Hub of Azerbaijan.

"The Digital Trade Hub of Azerbaijan has already applied X-road technology in its work, which is an analogue of blockchain technology,” Gasimli said. “This is also a decentralized system with unified interfaces, interaction protocols and data exchange. Any state agency can upon certain rules connect its information system to the platform and set up access rights to it for other departments.”

“Today, the Digital Trade Hub and Azexport portal analyze the possibilities of using other types of blockchain technology, in particular, smart contracts," he said, adding that this will improve the quality and speed of the portal.

A smart contract is an e-protocol written using a computer code. Its purpose is to transfer information and ensure the fulfillment of contract terms by both parties. Smart contracts are based on blockchain technology. These contracts are programs that are created on the basis of computer logic and are transmitted in the form of code. That is why the participants in the transaction or contract can be sure that all the terms of the contract will be observed and none of the participants will be able to change the conditions.

Azexport portal was created in accordance with the president’s order ‘On the creation of a unified database of goods produced in Azerbaijan’ dated September 21, 2016.

The portal aims at providing information on Azerbaijani goods and a favorable platform for their sale on foreign and domestic markets.


Follow the author on Twitter: @Anvar_Mammadov