blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

IBM Cuts Its Blockchain Team Down and Becomes a Shell of Its Former Self after Revenue Misses

Mushu Butt by Mushu Butt
October 10, 2022 - 10:03 am
in blockchain news
0
IBM Blockchain
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

According to four insiders with knowledge of the issue, IBM cuts its blockchain team down and becomes a shell of its former to an almost insignificant level. According to one of the people, the number of jobs lost at IBM has increased as a result of the company’s failure to fulfill its revenue projections for the once-lauded technology by a factor of 90% this year. A source claims that IBM is now undergoing a significant reorganization.

As a result, the IBM blockchain team is going to be eliminated in the near future. The majority of IBM blockchain employees have since left the firm. According to a second source, the IBM blockchain subsidiary has fallen short of its revenue expectations for the past two years in a row by a significant margin. They noted that the expectations for enterprise blockchain were unrealistically high.

Besides, they added that IBM had not really been able to execute despite making a lot of pronouncements. In contrast, an IBM official refuted the allegations. IBM’s Director of Public Relations, Holli Haswell, stated that the IBM blockchain business is thriving and that the firm has restructured some of its leaders and business divisions in order to continue to drive growth. This is something that IBM does on an annual basis.

IBM’s Financial Troubles And Blockchain Initiatives

According to an ex-employee of IBM who had been working on enterprise blockchain, IBM cuts its blockchain team down and becomes a shell of its former since there have been a number of “Resource Actions,” or RAs, which, in essence, means terminating employees based on the performance of the firm as opposed to the performance of the individual employee. The ex-IBM employee who provided the information stated that they would wager less than 10% of the product and technical unit that is still working on the IBM blockchain. In addition, there have been a large number of organizational changes, and virtually everyone has been let go.

Everything that does not enable hybrid cloud computing is no longer a priority for IBM as the company has shifted its focus entirely there. Since 2016, when it first started talking about the blockchain’s potential to alter the way different industries do business, IBM has invested a significant amount of funds into blockchain technology. If one of the sources is correct and IBM’s blockchain innovation effort is now limited to some research and development and does not even extend to consultancy, this sounds like an alarming note for the business blockchain industry in general.

While IBM cuts its blockchain team down and becomes a shell of its former, it is even more alarming for the Hyperledger group of blockchains, to which IBM was a prominent contributor. IBM revealed that its overall revenue dropped by 6% on an annualized basis in its most recent statement covering the company’s full fiscal year. When people look at IBM’s financial statement from 2017, they see that the firm referred to itself as the “blockchain leader for business.” There is no longer any reference to the technology anywhere within the firm’s statements.

What is Hyperledger Fabric?

While IBM cuts its blockchain team down and becomes a shell of its former, over the course of the past few years, IBM has made significant progress with a number of networks that are based on Hyperledger Fabric. FoodTrust is a farm-to-supermarket tracking system funded by Walmart, while TradeLens is a shipping container transportation blockchain backed by Maersk. Both of these networks are significant components of Big Blue’s blockchain infrastructure. Additionally, IBM has implemented the Trust Your Supplier network, and in the past, it has experimented with accepting payments through World Wire for people across the world.

The modular architecture that is the de facto standard for corporate blockchain platforms is called Hyperledger Fabric. This project is open-source and was developed by the Linux Foundation. The open, modular architecture has been designed to serve as a platform for the development of enterprise-grade applications and business solutions. In order to handle a broad range of applications, the architecture makes use of plug-and-play features. Hyperledger Fabric provides a one-of-a-kind solution to the consensus that allows efficiency at scale while also retaining the data privacy that corporations require.

This is made possible by the collaborative efforts of more than 120,000 contributing firms and more than 15,000 engineer contributors. The code and the agreements that are stored inside it are spread out across the decentralized and dispersed blockchain network. Since transactions can be traced and cannot be undone, there is an increased level of trust between organizations. This helps organizations to make decisions that are more informed and to do so in a shorter amount of time, which saves time, lowers cost, and reduces risks.

Optimism For Blockchain Technology Amid The Chaos

The economic shock caused by COVID-19 has had an influence on tech-related divisions within major companies, to the point that sectors that are not instantly creating revenues, such as blockchain, have been pruned. This is despite the fact that cryptocurrency and public blockchain platforms appear to have prospered in 2020. This can explain why IBM cuts its blockchain team down and becomes a shell of its former. According to a second source, an enterprise blockchain engineer who has had previous ties to IBM, Big Blue has eliminated more than 100 jobs linked to blockchain initiatives over the course of the past year.

In addition to this, the insider mentioned that Jerry Cuomo, who was previously working at IBM as the head of the blockchain and has been an advocate for the technology dating back to 2016, has been reassigned and is now working on artificial intelligence. The spokeswoman for the company, Haswell, stated that even though Jerry is supervising additional strategic and high-growth sections of IBM, he is still working on blockchain.

He is a very senior technical leader, and this is how IBM expands the roles of its employees. Following the release of this news, Haswell issued a further refutation of the reporting, stating that IBM keeps a robust staff committed to blockchain across the entire organization. They have reallocated some of their resources but continue to be dedicated to technology, crypto, the digital asset ecosystem, and service offerings. Besides, IBM views blockchain as a force that will propel its cloud business.

Tags: BlockchainBlockchainTechnologyCryptoEcosystem
ShareTweet
Mushu Butt

Mushu Butt

Mushu Butt is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media.In addition to being a skilled content writer, Mushu is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushu enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for Blockchainreporter.

Recommended For You

Factor DAO Announces a Collaboration and Integration with Plutus DAO

by Umair Younas
February 6, 2023 - 12:09 pm
0
factor dao plutus dao

Factor DAO mentioned that they are integrating Plutus DAO and other such assets to let protocols optimize the products offered by them.

Read more

BNB Chain Defies Bear Market Trend as On-Chain Activity Soars in Q4: Reveals Messari Data

by Shayan Chowdhury
February 6, 2023 - 8:46 am
0
bnb chain

The on-chain activity in Binance's native blockchain BNB witnessed a promising surge in user activity in Q4 despite the crypto market's downtrend. 

Read more

Blockchainreporter Weekly News Roundup

by Umair Younas
February 5, 2023 - 2:29 pm
0
crypto

Blockchainreporter has compiled a bunch of important news from this week covering all happenings related to FTX and other exchanges.

Read more

Moonpay Allocates $555k to Advance DAO Ecosystem and NFT Programs

by Umair Younas
February 5, 2023 - 7:43 am
0
MoonPay Celeb

The respective capital allocation by Moonpay is targeted at backing projects engaged in expanding innovation and development in DAO and NFTs.

Read more

My Blockchain Account is Locked – How to Recover Locked Wallet

by Mushu Butt
February 5, 2023 - 5:42 am
0
blockchain

My blockchain account is locked, how to recover it? If you are looking for answers to this, then you’re at the right place. Here is a complete guide!

Read more
Next Post
Charles Hoskinson

Charles Hoskinson of Cardano Elucidates His Side in the Case Between Ripple Exchange and SEC

PARTNERS LIST

PRESS RELEASE

The Future of DAOs Takes Center Stage in Tel Aviv

by chainwire
February 6, 2023 - 8:00 am
0

Tel Aviv, Israel, 6th February, 2023, ChainwireThe DAOVOZ collective is excited to announce the inaugural DAOVOZ Tel Aviv event on...

Game Space Powers Web3 Gaming With the Launch of Player One Tournament, Aligns Partnership with Splinterlands, Gods Unchained and Big Time

by Max Clark
February 3, 2023 - 12:00 pm
0

For Player One Tournament, Game Space will continue to cooperate with more public chains, various gaming guilds, Web3 Infra, Web3...

Metacade presale investment rockets past $5 million as GameFi investors hurry to buy remaining MCADE tokens

by chainwire
February 2, 2023 - 3:38 pm
0

London, United Kingdom, 2nd February, 2023, ChainwireThe Metacade presale is selling out fast with stage 3 coming to a close...

Snowfall Protocol

Joe Biden Reveals Game-Changing Crypto “Roadmap” after $2 Trillion Bitcoin (BTC) and Ethereum (ETH) Crash! Snowfall Protocol (SNW) Still the Top Pick for 2023

by Josh Fernandez
February 2, 2023 - 9:23 am
0

A perennial problem that has dogged the crypto world – and one that Snowfall Protocol (SNW) aims to address –...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.