Next scientific seminar of department № 2 was held at the Institute of Information Technology of ANAS.

Elshan Bagirov, a master student of the institute gave detailed information on blockchain technology, one of the most promising approaches to reliable organization of distributed open registers of transactions. He drew attention to blockchain technologies, infrastructure and base protocols used, consensus models, services, software, applications and business solutions.

Speaking of advantages such as saving time, blocking costs, minimizing costs, and increasing reliability, the reporter spoke about the bitcoin cryptanalytics-the first application of blockchain technology and the existing problems. Noting that Blokheiner could be able to apply operations in most areas where the third party was required to verify and safeguard transactions, the reporter stressed the need to address a number of technological and legal issues, including the problem of scale-up, management and regulation, for the broad application of this technology.

Finally, discussions were held around the report, and questions were answered. Doctor of Philosophy, Associate Professor, PhD, Head of the Department Yadigar Imamverdiyev noted a number of suggestions and recommendations on the future research of this technology.

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