IBM and Delaware have both signed a $738,000 contract that confirms their partnership. As per the contract, the multinational tech giant, IBM, will be coming up with plans for Delaware’s blockchain-based corporate filing system.
Delaware has clearly made the decision to stand out from other states when it comes to corporate registrations. Its decision to focus on blockchain technology is praise-worthy, as the technology has been known for its privacy, traceability, and increased security to name a few.
The first announcement was made back in April which briefly outlined IBM’s role in Delaware’s project, which went as follows:
“IBM will be responsible to design blueprints for what could become Delaware’s future blockchain-based corporate filing system, as per the $738,000 single-bid state contract recently awarded to the New York-based tech giant, Armonk.”
This apparently is not the first attempts of Delaware, as a “Delaware Blockchain Initiative” was revealed by Governor Jack Markell back in 2016. At the time, the goal was to establish a legal environment that would welcome blockchain businesses.
On June 18, 2018, the contract was given to IBM by the State of Delaware, however, the reason at the time, was to develop plans towards putting together a “Proof-of Concept (POC)”. Whether the goals have changed or not still remains a mystery, but the contract outlined that the project will take a total 18 months in which blockchain advices will be offered.
This effort could be done as a way to reintroduce businesses back into the State, as Delaware is clearly for the blockchain technology. An announcement was also made in August of last year stating that new laws regarding the legal uses of blockchain for record keeping and security purposes will be in place.