Azerbaijan's Portmanat system to eyes to use blockchain for transactions
Baku, Azerbaijan, May 23
By Huseyn Valiyev – Trend:
Azerbaijani Portmanat online payment system plans to use blockchain technology for instant processing of payments by customers, the company told Trend.
The company said blockchain technology will increase the reliability of the system and protect it in case of unforeseen circumstances.
"Blockchain technology is not vulnerable to any threats. Any transaction can be resumed even if the system fails. We intend to apply this technology within a year," the company said.
Blockchain is a digital registry of transactions, deals and contracts. When using blockchain, digital records are combined into blocks, which are then also combined using complex mathematical algorithms. The encryption process is performed by a large number of different computers running on the same network. Once the registry is updated and a new block is created, it can no longer be modified. Thus, it is impossible to forge it.
The main advantage of blockchain is the security it guarantees for transactions. The decentralized protocol is the basis of the blockchain and its advantage over modern centralized alternatives.
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