IBM was awarded a contract by the Australian government on the development of the blockchain

The American computer industry giant IBM signed a contract with the government of Australia for the development of the country and other blockchain-based digital technology programs.

The contract worth 1 billion Australian dollars (740 million USD), concluded for a period of five years and is aimed at achieving previously set goals by Australia to 2025 is to be «the top three digital countries» of the world through investments in the exploration of the blockchain, quantum computers and artificial intelligence.

«This agreement was the result of forty years of our cooperation with the Australian government. It demonstrates trust in us and faith in our ability to transform the industry and provide the best possible, using investment in artificial intelligence, blockchain, quantum computers and cloud infrastructure — said the managing Director of IBM Australia and New Zealand David La rose (David La Rose) — we really want to help the Australian government to rebuild the digital industry for the benefit of all Australians».

It should be noted that IBM already has existing agreements with four Federal agencies in the country and this new contract initiated by the Agency for digital transformation (DTA) entered into prior to June 2023, shall contribute to the development of relations between the public and private sectors, as well as other units of government.

It is not clear to what extent the newly signed partnership will replace the old agreement, and IBM yet reserved regarding predictions of potential profit. On the other hand, it is the largest contract initiated by the Australian government, and it is this fact the company focuses in public statements.

IBM is one of the largest contributor to corporate blockchain. Last month managed IBM’s blockchain platform conducted direct transactions between the four leading European financial institutions, among which were Deutsche Bank and HSBC.

IBM is also developing a public blockchain. Last year, the company entered into an agreement with the startup to use the Stellar network XLM as the basis for the implementation of the international Bank of payments in developing countries.

Recently, IBM entered into a contract of partnership with company Veridium Labs to issue a cryptocurrency token in the network of Stellar. Token Verde is provided by carbon credits, which will help in financing the cultivation of a forest area of 250 square miles in Indonesia.

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