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IBM in $750 Million Blockchain Deal
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IBM in $750 Million Blockchain Deal

Deal with Australian government will create paperless supply chain

TLME News Service

IBM is to provide blockchain services to the Australian government focusing on defence, data and supply chain streamlining.

The Australian government believes it will create a US$75 million saving for its citizens.

Dubai Government and IBM Reveal Commercial Blockchain Registry

Concerns have been raised regarding the deal in Australia after IBM had to pay Australia $30 million after a faulty census operation in 2016, with citizens questioning why IBM is right for such a major partnership.

Also, competition worries have abounded given the deal gives IBM a monopoly over Australian government processes and trade facilitation, thereby blocking competition.

One reason IBM may have taken the chance to work with IBM is that they are leading the field with regard to blockchain.

Watch: IBM Reveal Global Trade Scanner

IBM is now heavily invested in projects across the Middle East and Europe, all of which appear to be successful at present.

After some initial caution, blockchain now appears to be the frontrunner for the streamlining of digital operations, after widespread implementation.

Read more: Abu Dhabi Ports Implements Blockchain for Seamless Processes