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Blockchain Technology and Armenia’s Role in Innovative Technology Development

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YEREVAN, Armenia – On October 24, the American University of Armenia (AUA) hosted a discussion on “Armenia as a Blockchain Technology Development Center.”

The discussion was led by Aram Hajian, dean of the Zaven and Sonia Akian College of Science and Engineering, Arman Aleksanyan, co-founder and innovations director at Blockchain R&D Hub, Manuk Hergnyan, board president at Economy and Values Research Center and co-founder and director at Granatus Ventures and EV Consulting, and Gagik Yeghiazaryan, co-founder and executive director at Blockchain R&D Hub.

Before the presentation began, Hajian asked the panelists to define the term blockchain. Hergnyan explained, “Blockchain is a new mechanism of trust that involves two parties only and is not based on the third person or company, and in this sense it is expected to have a revolutionary impact on the society. Blockchain is also a distributed mechanism for transaction registrations. This implies sharing the data between the two parties involved in the transaction process, rather than keeping them in a centralized database.”

Blockchain R&D Hub is a network that aims to create methods to exchange digital content globally in a more convenient and secure way. They rely on Armenia’s experience in technology enterprise and, as Aleksanyan stated, “Armenia has the full capacity to become one of the world’s leading blockchain technology development centers.”

Hergnyan then emphasized the importance of the link connecting blockchain technology and the economy. He stated that, “We estimate that with the implementation of breakthrough technologies, the possible impact on the Armenian economy can reach $220 million per year,” he said.

AUA also plays a prominent role in the development of technologies in Armenia through education, and their trainings lead to qualified personnel specialized in leading high-tech industries. Through the joint efforts of AUA and Blockchain R&D Hub, an effective course on blockchain programming was created. Hajian stated that AUA and Blockchain R&D Hub will continue to cooperate in future endeavors and encourage other technology companies, within Armenia and abroad, to join their efforts.

The partnership between AUA and Blockchain R&D Hub is a valuable one. “It is exciting to see AUA hosting a discussion about a worldwide leading disruptive technology – blockchain. It is that much more inspiring to see local start-ups and foundations at the leading edge of identifying value propositions for society through applications of this technology. While this is among the first public discussions in Armenia centered on blockchain technology, it is surely not the last. We look forward to seeing more and more innovative companies here in Armenia harnessing technology to improve society and create value,” Hajian said.

Founded in 1991, the American University of Armenia (AUA) is a private, independent university located in Yerevan, Armenia and affiliated with the University of California. AUA provides a global education in Armenia and the region, offering high-quality, graduate and undergraduate studies, encouraging civic engagement, and promoting public service and democratic values.

Media coverage:

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