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BAKU, Azerbaijan, July 25. Tokenization will
change the idea of commerce and commerce relations, Christina Doros,
Visa Vice President and Regional Supervisor for Central Asia and
Azerbaijan, mentioned in an interview with Development.
In response to her, Azerbaijan has seen a speedy progress within the
variety of tokenized transactions.
“The penetration charge of tokenized funds in Azerbaijan
exceeds that of different international locations, and that’s exceptional.
Tokenization is a big development at present, and this expertise will
proceed to develop. Any asset could be tokenized – from fiat forex
to authorities securities, shares, bonds, actual property paperwork, or
automobiles. Any asset represented as a token on a digital platform could be
simply monitored, checking its standing in real-time. At Visa, we
imagine that when this development turns into mainstream, it is going to change the
idea of commerce and commerce relations itself as a result of within the digital
world, all the things could be traded immediately and conveniently,” she
famous.
Moreover, in keeping with Doros, Azerbaijani banks actively
make the most of the B2B Join answer.
“This answer is actually non-card-based. It’s constructed on
blockchain expertise and permits quick, safe, handy, and
managed cross-border fund transfers for companies engaged in
overseas financial exercise. In Azerbaijan, we observe a really energetic
progress in financial institution connections to this expertise. Azerbaijan has the
highest variety of banks working with the B2B Join answer,” she
added.
Tokenization is a expertise that secures cell funds. Most
contactless funds, together with cell funds (Apple Pay, Google
Pay), contain transmitting card knowledge, together with its quantity.
Tokenization expertise replaces the precise card variety of the
buyer with a novel generated code (token) that’s used just for
a particular transaction. Malicious actors can’t reuse the obtained
data since the true card quantity just isn’t explicitly
transmitted, and the token has already been used. A brand new token will
be issued for the subsequent buy.
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