Date:23/05/18

Residents working in crypto-currency field to be offered privileges

An info-session on Blockchain technology was held at the High-Tech Park of the Ministry of Transport, Communications and High Technologies.
 
Director of the High-Tech Park Tural Kerimli informed the participants about the park's activities, as well as the importance of Blockchain technology and its application in various fields in Azerbaijan.
 
He noted that the High-Technology Park will assist in implementation of Blockchain technology-related projects.
 
Residents working in the sphere of Blockchain, crypto-currency and crypto-mining will be offered a number of privileges through the use of the High-Tech Park’s infrastructure in Pirallahi. 
 
Then, cofounder of the Azerbaijan Blockchain Society, regional manager of the company "Waves", Orkhan Akhmedov, made a detailed presentation on Blockchain technology.


He said that Blockchain is a centralized database.
 
According to Orkhan Akhmedov, a traditional database is mainly placed on one server, while its "backup" (copy) can be stored concurrently on several other servers.
 
"When a new operation is performed on the Blockchain system, the previous data is not deleted but added to the existing block chain. It is also impossible to delete data because it is copied and stored in the memory of all computers.
 
Information gathered here is available to users. However, information is not available to outsiders.
 
This guarantees the safety of technology.
 
One of the advantages of the new technology is that there is no need for mediators to carry out operations.
 
Thus, the two parties can carry out any of their operations without the intervention of a third person or organization," he said.

 
It should be noted that it is planned to conduct info-sessions regularly every month at the High -Tech Park.

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