Workshop on “Introduction of blockchain technologies in innovative entrepreneurship” held

A workshop entitled "Introduction of blockchain technologies in innovative entrepreneurship" was held on March 12 within the framework of the project "From Idea to Business" at the initiative of the State Fund for Development of Information Technologies under the Ministry of Transport, Communications and High Technologies.

The event, which was attended by representatives of startups, local and international ICT companies and relevant government agencies, covered topics such as the emergence and future development of blockchain technology, its implementation in innovative entrepreneurial activities.

The blockchain technology used in innovative entrepreneurship is considered to be one of the most important technologies that will form the basis for the infrastructure of new generation innovative services. In recent years, there is an increasing interest in this technology both in public and private sectors in most developed countries.

Acting director of State Fund for Development of Information Technologies Azer Bayramov noted that the Fund places special emphasis to encouraging the introduction of high technologies in innovative entrepreneurial activities, and implements various activities and programs for startups and ICT companies. He said that the blockchain technology is used in the implementation of innovative entrepreneurship and business processes for the purpose of transparency, security and acceleration of activities.

"The emergence and widespread use of cryptocurrency based on the blockchain technology is one of the important trends of recent years. Blockchain technology is used not only in digital monetary units, but also in such areas as system registries, IT programs, data processing and electronic signature."

He noted that the introduction of blockchain technologies both in the private and public sectors of Azerbaijan has also begun.

Head of the Department of Innovative Development of the Information Society and Electronic Governance of the Ministry of Transport, Communications and High Technologies Rashad Azizov recalled that an Innovation Agency under the ministry was established by relevant decrees of the President of the Republic of Azerbaijan on the basis of the State Fund for Development of Information Technologies and High-Tech Park of the Ministry of Transport, Communications and High Technologies.

He said that the Innovation Agency will encourage innovative projects and startups, finance them through grants, soft loans, and promote innovative initiative. "In this context, assisting local business entities in the transfer of technological solutions, the Agency will also keep the focus on the promotion of the blockchain technology," – the department head added.

The presentation on the ongoing and planned projects using blockchain technologies in our country was met with great interest by the participants.