DMG Blockchain Solutions (TSXV:DMGI) has announced it has entered a partnership with IBM Canada to develop blockchain-based global supply chain management solutions.
As quoted in the press release:
IBM Services’ experts will collaborate with DMG to help build its new supply chain solutions which will leverage the IBM Blockchain Platform and DMG’s deep experience in blockchain analytics and forensics. Under the Agreement, DMG expects to spend approximately C$3,000,000 in the first 12 months to develop the global supply chain platform and up to a total of C$10,000,000 over three years through the hiring of IBM’s personnel. DMG expects to fund these costs through existing cash on hand, revenues, and if required, further financings or collaborations with other companies. IBM will provide program managers, technical architects, full stack developers, data scientists, data engineers, and developers to work alongside DMG’s blockchain development team.
The overall supply chain project has deliverables, specific projects, timelines and mandates that set forth the goals and steps as the global supply chain is developed. Under the Agreement, IBM is not investing money in DMG or in the global supply chain platform; rather, IBM will bring its personnel, global reach, and existing technology to this collaboration.
The solution will initially be deployed for enabling regulatory compliance, verifying provenance, and tracking quality control for regulated products, including pharmaceuticals. The IBM Cloud will host the solution and interfaces between the blockchain technology and legacy enterprise systems, ERP systems, and integration with manufacturers, distributors, retailers, shippers, as well as reporting and auditing systems. The benefits of this collaboration and the potential sources of revenue are not known at this time. DMG will provide further updates as this global supply chain platform is developed.
Click here to read the full press release.
