US State Awards $738,000 to IBM for Blockchain Filing System
Just a week after landing a major contract with the Australian government, IBM has been awarded $738,000 by the US state of Delaware for the development of a blockchain filing system prototype.
The multinational tech giants will design blueprints for what could become Delaware’s future blockchain-based corporate filing system. The first contract is to build computer code for a blockchain prototype.
According to the press release, the prototype will help Delaware officials to determine how the technology can help businesses registered in the state. If successful a future contract will be presented to create a full-scale system.
The safety of the blockchain system will enable the state to levy higher document filing fees, allowing Delaware to surpass other US states in business registration activity, according to the report.
One advocate for the blockchain technology, former Gov. Jack Markell believes that the technology could free up billions of dollars by speeding up asset exchange, removing tedious procedures and bringing down business risks.
IBM has been one of the major companies spearheading blockchain revolution. Last week, the company signed a whole-of-government purchasing agreement with the Australian federal government, worth an estimated $1 billion over its five-year lifespan. According to CCN, the mammoth deal 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.
Also in May, IBM announced a number of emerging-tech initiatives in France that will create 1,800 jobs in the next two years. The investments and initiatives will be focused on cutting-edge technologies including artificial intelligence (AI), blockchain, cloud computing and Internet of Things (IoT).
Notably in April this year, IBM Switzerland in collaboration with Swiss blockchain startups Proxeus and Canton Zug developed a blockchain system that enables faster means of registering businesses in Switzerland.
The process was achieved by combining the digital workflow and Hyperledger Blockchain with the bank’s and commercial registry’s computer systems.