Reading Time
~ 2 minutes
Spread the Word

The Australian Government signed a $ 740 million partnering contract with tech giant IBM

Bloomberg announced a new partnership between New York-based IBM company and the Australian government. By signing the contract worth A$ 1 Billion, IBM is committed to investigating blockchain technologies and implementing tech solutions within the Australian political system over the coming five years.

This collaboration definitely represents a step forward for Australia and the tech sector. Considering that blockchain technology is the basis of the cryptocurrency sector, we can admit that is coming a promising period for Australia’s economy and beyond.

“The contract will see services such as automation and blockchain provided to federal departments including defense and home affairs, IBM’s Asia Pacific head, Harriet Green, said in an interview with Bloomberg TV on Thursday. The ‘youth of the technology’ and the employment of Australians to support and help the implementation would be hallmarks of the new partnership, she said,” Bloomberg reported.

Furthermore:

IBM, which is combating falling revenues, will also create renewed platforms to protect citizens’ data while providing A$100 million in savings to taxpayers, according to government estimates.”

The influence of IBM

Of course, the first benefit of the tech giant is a large guaranteed income over the next five years. With the grant of $ 740 million, IBM will explore the blockchain field and create new technologies to be deployed within the Australian ecosystem. Thus, we can expect IBM to launch new inventions and report new details that could help other companies and governments to combat countries’ existing problems. Once the company makes public the first projects, it will attract a lot of attention from the press and investors as the impact will be visible.

Bearing in mind this, we can assume that Australia will soon rule on the blockchain system, providing more transparent political relations.

Read more articles related to this subject:
Notice: The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.