DMG Blockchain announced that it has recently entered into a partnership with IBM Canada and selected IBM technology and services to explore and deploy blockchain-powered, global supply chain management solutions.
According to a press release dated October 4, the partnership will focus on enabling complete provenance, regulatory compliance, inventory management, and on-time payment of products across the entire supply chain for regulated products like pharmaceuticals.
Testament To Expertise And Experience
The IBM Cloud will be hosting the solution and its interfaces both underpinned by blockchain technology and legacy enterprise systems, as well as by enterprise resource planning (ERP) systems. As the blockchain exploration deepens further, the system will be integrating with manufacturers, distributors, shippers, and other important contributors to the supply chain.
Dan Reitzik, CEO of DMG Blockchain, said in the announcement:
We are honored to work with IBM to jointly develop this global platform. It is a testament to the expertise and experience of our blockchain development teams in Silicon Valley and Vancouver. Our first step is to develop this platform with IBM and then to monetize it.
DMG is expecting the project to cost approximately C$3 Million in the first year to develop the global supply chain platform, and C$10 Million after three years. The firm will provide the funds through the existing cash on hand, further revenues, and further funding or collaboration with other companies, should the situation require so. IBM will, for its part, provide the manpower, global influence, and existing technology to the initiative.
Not Wasting Any Moment
Danny Yang, DMG’s CTO, will be at the helm of the entire project, who will have prominent advisors supporting him, including Charlie Lee, Litecoin’s creator. The project is already underway, and the working group has already begun architecting the framework for the new supply chain management solution.
“Blockchain is ideally suited to address supply chain challenges because it establishes a trusted environment for all transactions,” Peter Finn, IBM Canada’s CTO for Strategy and Growth, commented. “DMG’s selection of IBM services and blockchain technology on the IBM Cloud will help create robust blockchain solutions so all participants in the pharmaceutical or agriculture supply chain can gain permissioned access to known and trusted information regarding the origin and state of their transactions.”
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