Global tech giant IBM seems to be on a roll in recent times as it sees itself coming to agreement with a Saudi company Elm to accelerate the blockchain technology based solutions being implemented in the Riyadh municipality.
The United States based tech company IBM has recently agreed on a partnership with the Saudi company to help them leverage the power of blockchain technology and implement distributed ledger systems for payment services and some governmental aspects in Riyadh. Elm has been undertaking technology based solutions for the municipality of Riyadh for a while now and has been working with IBM and the local authorities. Both of these two enterprise level companies are aiming to broaden the applications of digital technology in the Saudi capital. The work is slated to improve the quality of the municipal services of Riyadh.
The Vision 2030 Plan
As a part of the Arab Kingdom’s Vision 2030 Plan, the two companies are going to work together and identify all the services which can benefit from the power of blockchain technology. Once the possibilities are recognized, IBM will take on the role of developing the blockchain technology based solutions at the municipal level. Elm will take things from there to implement the blockchain solutions at a government level.
The Vision 2030 Plan is the initiative being taken by the top most echelons of the Saudi Kingdom so that they can take the country from being a solely oil-dependent economy to being a hub of commerce and technology in the region.
The Vision 2030 Plan launched in 2016 and the Kingdom has since taken a lot of steps to work towards their end goal. One of the recent most steps which came just before the announcement of the partnership between Elm and IBM is the partnership between the central Saudi bank and the blockchain platform Ripple for cross-border payments.
Another example of a significant partnership undertaken by the Saudi government was one with ConsenSys, a US based blockchain startup company in May.
The CEO of the company Elm, Abdulrahman Al Jadhai spoke about the agreement with IBM saying that the partnership with the US based tech giant will significantly improve their approach towards tackling the upgrades to Riyadh’s municipal services.
Third Major Project in Recent Times
This is the third major government partnership blockchain based project that IBM has undertaken in recent times. After the first project where IBM was awarded the AUD Billion dollar contract by the Australian government for their plans to be a leading technology based government by 2025, IBM also embarked on a partnership with the state of Delaware in the US. Thus, their recent partnership with Elm in Riyadh marks their third maj
IBM has been awarded the $738,000 contract by the State of Delaware in order to create a blockchain technology based filing system for the businesses registered in the state.
Delaware is one of the hubs for businesses in the United States. With over a million businesses registered in the state, over 60 percent of the Fortune 500 companies are based in Delaware. Leveraging the power of blockchain technology to automate the filing process for corporations registered in the state will make a lot of cuts when it comes to the manual labor which goes into the filing and processing of the registration requests.
Second Major Deal for IBM
Having secured the contract given to them by the Governor of Delaware, this makes it the second major contract that IBM is undertaking when it comes to the blockchain technology based development for government bodies. The first project that they secured was with the Australian Government. That contract is valued at a billion Australian dollars aiming to help Australia in its bid to become one of the leading technologically advanced governments by 2025.
Delaware has Slowed Down
The former Governor of Delaware, Jack Markell announced the new initiative to make blockchain technology come in to improve the manual tasks in governmental procedures. In fact, one of the first ever blockchain based projects will use the power of blockchain technology to add all the public archives of the state to a blockchain network in order to make it easier for public access and also to make the records more secure.
IBM was paid in order to carry out this project but the deal never really followed through. The archive is still being left for want as the new Governor of Delaware, John Carney seemed to be slowing down the projects right now.
Government to Support Blockchain Initiatives
After what seemed like the project has been cancelled by the Delaware government, the state made the announcement that it will be allowing companies to utilize blockchain based
platforms for keeping their corporate records. It will allow the companies to have pristine records of the shareholders they have and the votes they will be casting during elections in companies.
In light of the contract being signed, there is a renewed sense of modernizing government to support blockchain technology initiatives to take the state forward with an increased fervor.
The global technology giant, IBM has recently won the contract for developing blockchain based initiatives among other applicable digital technology initiatives for the Australian government.
The announcement was made on Thursday, the 5th of July. This 5 year project where the Australian government is investing AUD $1 billion is part of the country’s bid to become one of the world’s top three digital governments. Even for a company that is the size of an international conglomerate, IBM is taking on one of the largest projects they have had to date. This project will involve IBM working hard to properly research blockchain technology’s uses for the country as well as an acute focus on both artificial intelligence and quantum computing technology.
IBM has been working with the Australian government for over 40 years now and for them, winning this historic contract is a testament to the relationship that the two of them have shared for these four decades. Through this project, the Australian government is placing their trust in IBM to provide them with world leading technological advancements that will help place the Australian government in a leading position for the world by 2025.
The managing director for IBM Australia and New Zealand, David La Rose, is looking to take this opportunity revamp the digital experience for the whole country.
In light of the projects that the company is already working on for federal agencies, this is the fifth one that IBM is taking on. The previous projects have been led by the Digital Transformation Agency of Australia and are slated to be complete by the June of 2023.
Because of its early acceptance of the blockchain technology based future, IBM has fast become one of the leading players in the blockchain landscape and has been dabbling with a lot of projects. IBM has recently worked on a major trade platform that hosted trade between the likes of HSBC and Deutsche Bank among two other major European financial institutions. The platform they developed which made these live trades possible is also based on blockchain technology.
IBM has been participating in public development through blockchain technology and one of the best examples would be their partnership with Veridium Labs. This tech startup has been operating on the Stellar network and is looking to utilize its tokens in order to help fund the cultivation of a rainforest in Indonesia over an area of two hundred and fifty square miles.