Block chain and bitcoin technologies are new research areas of the Institute

The next scientific seminar of the Institute of Information Technology of ANAS was held. Academician-secretary of the ANAS, academician Rasim Alguliev, who opened the event, said that the seminar was devoted to discussion of the scientific and theoretical problems of block chain and bitcoin technologies.

Nilufar Hetamova, Institute’s employee, presented a report on "Bitcoin's technology and its scientific-theoretical and practical problems" and spoke about the cryptography-based virtual currency system, the cryptography history. She said that the concept of cryptocurrency, which created the conditions for the security of online payments and transactions, was first introduced by Wei Dai in 1998.

The reporter said that its protocol was published in a white paper by Satoshi Nakamoto in 2008. In 2009, Nakamoto released the first Bitcoin client and issued the first Bitcoins. According to the speaker, bitcoin is an open-source technology and 21 million plants are expected to be created until 2140.

Speaking of the traditional features of the money from Bitcoin, the rapporteur said that this type of currency was centerless, anonymity, and low operating costs.

The Bitcoin network contains a file in the file system, "said N.Hatemova, adding that the money contains an open and secret key pair and transactions. He noted that the bitcoin pamphlet reflects all the inputs and outputs of the bitcoin that it represents.

She also presented bitcoin marketing technologies and said that there was a special apparatus for the tanks participating in this process, and talked about security issues in bitcoin technology. The main raids targeted against Bitcoin were the double-spending, Selfish-mining, Sybil, 51%, Timejacking, Dust Transactions, and coding attacks.

N.Hetemova informed about the main types of payments in the bitcoin network and touched on the security of e-money. According to her, it is possible to use "threshold" cryptography methods to secure the secret key: ‘’In this case, the part of the secret key can be used in several places, eg on the user's computer, smartphone, etc. is placed. In addition, to ensure security, you must encrypt your smartphone or smartphone, copy your wallet, and use offline wallet. "

She spoke about the effects of bitcoin on economic systems, government regulation of bitcoin, media influence, bitcoin demand and supply, wide coverage, technological advances and innovations.

Then, academician Rasim Alguliev said that the study of blokchain and bitcoin technologies in the modern period is topical. Noting that the basis of the economic security of the countries is monetary policy, the scientist noted that bitcoin technologies created problems with the financial security of the states.

"Bitcoin is a huge system created with the use of the Internet," R. Alguliev said, pointing out that revolutionary processes are taking place in this direction in the world and that bitcoin in developed countries is one of the main discussed issues.

He pointed to the need to regularly deliver information to the public in this area: "Research on these technologies should be developed, the history of the bitcoin should be investigated, and the multidimensional approach should be put forward," said the academician. The scientist advised IT specialists to be economically active in this area.

Then, the head of  department, PhD in technical sciences, associate professor Yadigar Imamverdiyev and head of department Rasim Mahmudov shared their ideas about the use of bitco in the world, the countries where this technology is most used, and the legal and economic aspects of the bitcoin. It was noted that the number of bitcoin technologies is increasing day by day. At present, countries such as the US, China and Japan are demonstrating their activity in using this technology.

Discussions were held around the report, questions were answered. Doctor of Philosophy, Associate Professor Rashid Alakbarov, corresponding member of ANAS, Doctor of Science in Technical Sciences Ramiz Aliguliyev, Chief Engineer of the Institute, Doctor of Philosophy, Associate Professor Shafagat Mahmudova, Head of the Department, PhD in economics, Associate Professor Alovsat Aliyev, chief specialist of the institute Babek Nabiyev and Ogtay Alakbarov and others participated in the discussions.

Then the employee of the institute, Cemil Gurbanzade, presented a report on modern ICT innovations.

He gave detailed information on “Artec Leo” scanners that allow you to create the 3D model of the smallest details, “Human Support” Gadget accurately measuring the amount of oxygen in the blood, protecting athletes from physical injury, robots of “IKEA”, Rubik's Cubes, “Hyperloop” project.

The presentation caused great interest of the participants.

© All rights reserved. Citing to www.ict.az is necessary upon using news