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VANCOUVER, British Columbia — DMG Blockchain Solutions Inc. (TSX-V: DMGI ) (DMGGF:OTC US) (FRANKFURT:6AX) (“DMG ” or the “Company ”), a diversified blockchain and cryptocurrency company, announced today that it has entered into an agreement (the “Agreement ”) with IBM Canada Ltd. (“IBM ”) and selected IBM technology and services to jointly develop and deploy blockchain-based, global supply chain managementsolutions. These solutions will enable complete provenance, regulatory compliance, inventory management and on-time payment of products along the entire supply chain for regulated products such as pharmaceuticals.
IBM Services’ experts will collaborate with DMG to help build its new supply chain solutionswhich will leveragethe 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.
Dan Reitzik, CEO of DMG Blockchain Solutions Inc., commented, “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’s Chief Technology Officer, Danny Yang, is leading the development effort, and he is being supported by a strong team of advisors that includes Litecoin's creator, Charlie Lee. DMG's development team has already begun working with IBM Services to begin architecting the framework for this new supply chain solution.
Peter Finn, IBM Canada’s CTO for Strategy and Growth, and Master Inventor, commented, “Blockchain is ideally suited to address supply chain challenges because it establishes a trusted environment for all transactions. We are pleased to work with DMG on this important initiative. DMG’s selection of IBM services andblockchaintechnology on the IBM Cloudwill 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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I would actually like to see some sort of Blockchain technology in the fight against fraud and counterfeiting. I mean, we all know that it's meant to be used as a way to secure online transactions and payments, but why not as a stamp of approval on items that need to be verified as authentic? It seems like it could be a very good way to use the technology if you ask me. We just need to figure out a way to implement it!
We are all aware of the fact that advancing technology could provide an opportunity for cyberattacks to advance as well. However, this does not mean that we can and should only stand by the sides and watch. We need to safeguard ourselves and our products by all means possible to ensure that our business can and should go on without being compromised.
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