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MarketScreener Homepage  >  Equities  >  Nyse  >  International Business Machines Corporation    IBM

INTERNATIONAL BUSINESS MACHINES CORPORAT (IBM)
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International Business Machines : IBM creating blockchain-based identification system in Azerbaijan

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11/16/2018 | 06:01pm CET

Baku, Azerbaijan, Nov. 16

By Taleh Mursagulov – Trend:

IBM will help Azerbaijan in reliable storage of personal information of its citizens in a blockchain system, Bahadur Ibrahimov, managing partner of IBM Caspian, told Trend.

“As is known, the Central Bank of Azerbaijan (CBA) held a tender for creation of a digital identification system,” he said. “Following the tender, IBM is developing this system based on Hyperledger Fabric, a blockchain framework by the Linux Foundation. In our experience, building a digital identification system using blockchain will allow citizens manage their personal information safely, in real time, eliminating errors, duplication, re-entry, and providing various levels of confidentiality and access permission for various organizations, first of all, to public institutions and services, banks and other organizations.”

He noted that the digital identification system will ensure the “Know Your Customer (KYC)” approach, allowing participants of a protected blockchain network to automatically obtain identification information.

In addition, Ibrahimov noted that citizens can be sure that their personal information will be properly protected and authorized, and the information cannot be intentionally or accidentally distorted.

“Banks, financial organizations and government agencies will be able to fully trust this information,” Ibrahimov said. “The distributed registry technology - blockchain - will ensure the accuracy of the transmitted information and will eliminate the likelihood of fraud.”

In addition, he noted that in Azerbaijan, IBM is helping many state agencies, organizations and private businesses to implement digital transformation by introducing the most advanced technologies in information security, advanced analytics, modern infrastructure, digital and technological strategy, as well as optimization of business processes.

“IBM is putting great efforts to make its solutions and services more relevant and convenient for customers in Azerbaijan,” he said. “In particular, this year, IBM Caspian, a subsidiary company, was established in Baku. We also pay great attention to training business partners, customers and representatives of the academic sphere. An IBM Technology Academy educational event will be held in Baku in the ADA University Nov. 15-16. I am confident that this will be an excellent opportunity for students, professors and IT experts to try out the latest information technologies, including blockchain and artificial intelligence.”

---

Follow the author on Twitter: @TalehMursagulov

© 2018 Trend News Agency ALL RIGHTS RESERVED, source News Service

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Financials ($)
Sales 2018 79 691 M
EBIT 2018 14 330 M
Net income 2018 10 657 M
Debt 2018 31 752 M
Yield 2018 5,03%
P/E ratio 2018 10,42
P/E ratio 2019 10,20
EV / Sales 2018 1,78x
EV / Sales 2019 1,76x
Capitalization 110 B
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Mean consensus HOLD
Number of Analysts 22
Average target price 156 $
Spread / Average Target 28%
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Managers
NameTitle
Virginia M. Rometty Chairman, President & Chief Executive Officer
James J. Kavanaugh Chief Financial Officer & Senior Vice President
John E. Kelly Senior VP-Cognitive Solutions & Research
Martin Jetter SVP-Global Technology Services
Sidney Taurel Independent Director
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