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How IBM Wins AUD $1 Billion Contract to Develop Blockchain?

Computing giant IBM has been awarded a landmark contract to develop Blockchain and other digital technology initiatives for the government of Australia.

What is the Aim of Australian government?

Announced on July-2018, the five-year, AUD $1 billion (~USD $740 million) contract is Australia’s latest attempt to make good on its goal to become one of the world’s “top-three digital governments” by 2025 by investing in research into Blockchain technology, as well quantum computing and artificial intelligence.

“This agreement is a testament to our forty-year partnership with the Australian Government. It shows trust and belief in our ability to transform and provide world-leading capabilities, leveraging our investments locally in AI, Blockchain, quantum and cloud.”

- David La Rose

(Managing director of IBM Australia & New Zealand)

What was the reason of agreement with Stellar?

Notably, though, IBM has also dabbled with public Blockchain development. Last year, IBM signed an agreement with Stellar — creator of the lumens (XLM) crypto-currency — to use the XLM network as the “core backbone” for a cross-border banking solution targeting emerging markets.

More recently, IBM partnered with fintech startup Veridium Labs to issue a crypto-currency token on the Stellar network.

Veridium Labs, built on the STELLAR Blockchain, is a collaborative initiative between a coalition of industry leaders.

“EVERY informed person needs to know about Bitcoin because it might be one of the world’s most important developments.”