According to reports out today, the Australian Government have agreed on a $740 Million (A$1 Billion) contract between the government and tech giants, IBM. The contract is set to allow IBM to explore blockchain technologies and implement findings within the Australian political structure over the next five years. This is a fantastic deal and will see the Australian Government spearhead a new wave within the blockchain revolution. Blockchain technology powers cryptocurrency so in essence, if this technology is truly adopted in Australia as a part of the national government, we can only expect a crypto-revolution to follow.
According to Bloomberg:
“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.”
“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.”
See more for yourself, here- https://www.bloomberg.com/news/articles/2018-07-05/ibm-lands-740-million-deal-to-supply-data-security-to-australia
What does this mean for IBM?
Well of course, it cements a new contract for the firm and seems to give a guaranteed revenue stream to IBM over the next five years. This is important as it will inspire new blockchain research and will allow IBM to make new discoveries and findings that will no doubt have an impact on the wider blockchain economy too. Should any technological roll out prove successful, we should expect neighbours New Zealand to want in on the action. Realistically, implementations made by IBM and the Australian Government could very well inspire similar work to occur elsewhere.
Soon enough, Australia could be governed via the blockchain, ensuring a more transparent and democratic political climate. As mentioned, this in turn may lead to greater opportunities for cryptocurrency adoption on the area too, which is very important considering that The Reserve Bank of Australia are notoriously unsettled about cryptocurrencies at the moment.