Baku, Azerbaijan, May 10
By Anvar Mammadov - Trend:
State support is needed for successful implementation of blockchain technology in Azerbaijan, Marketing Director of Keepface Emin Veli told Trend.
He noted that the introduction of blockchain technology requires funds that can be allocated by the state or big investors.
"First of all, it is necessary to create the necessary legal basis for further use of blockchain technology in Azerbaijan. The next step could be the establishment of an association of all structures using the blockchain technology and crypto-investors. Such organizations exist all over the world, but unfortunately, we do not yet have one. The state should be directly interested in this issue," Veli said.
He said Azerbaijan can become a very attractive country for initial coin offering (ICO).
"Currently there are many problems in this area in the world - most countries are tightening their legislation. But there are countries like Belarus and Malta, which, on the contrary, open their markets for ICOs. This is typical for small countries; this is a chance for them," said Veli.
Another possible step, he said, could be the formation of startups based on blockchain technology.
"At the same time, the state could allocate grants for this purpose. This is a very important and necessary step. For the state and big holdings these amounts will be insignificant, but such a step will be a great incentive for startups. For the introduction of blockchain technologies funds are needed, and they can be allocated either by the state or big holdings," Veli said.
Blockchain is a way of storing data, or a digital register of transactions, deals, and contracts. Its main difference and undeniable advantage is that this registry is not stored in one place, but distributed among several thousand computers around the world.
The principle of operation of the blockchain is quite simple - digital records are combined into "blocks", which are then linked cryptologically and chronologically into a "chain" with the help of complex mathematical algorithms. Each block is linked to the previous one and contains a set of records. New blocks are always added at the end of the chain.
---
Follow the author on Twitter: @Anvar_Mammadov