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While IBM was cautious in supporting cryptocurrency projects, the New York technology giant has still done its best to make a successful blockade into the blockchain space. But as some skeptics see it, IBM has not done much to make a significant impact on this flowering industry.
IBM and Blockchain: is it really the best combination?
IBM has long been at the head of technological innovation, continually pushing for the best technology must offer the company for the better part of 100 years. It seems that the company's initiative to create technological breakthroughs has led directly to blockchain technologies, which is arguably the fastest growing space in a multibillion dollar market. While the blockchain industry is still in its infancy, the technology-focused company has started to heavily allocate resources to its growing decentralized technology division.
For some, it seems that the company's investment in the blockchain has paid off, with IBM recently disclosing details of its partnership with the world's largest shipping company, reports Forbes. The American company will continue to work with Maersk to create the so-called "TradeLens" supply chain solution, which aims to track essential shipping data on a global scale.
TradeLens has already gathered support from 94 organizations, all actively participating in the experimentation and development of this novel about supply chain management. Furthermore, a strong collaborative effort saw the platform acquire over 154 million shipping events over a period of several months. Marie Wieck, general manager and chief blockchain of IBM, told Forbes about his excitement for this blockchain project, stating:
"I think with over 90 organizations and over 150 million events captured in the system we are really seeing evidence in pudding in terms of where people are spending their time to benefit from the blockchain. "
While many supporters saw this as nothing less than a confident sign for a nascent field, it may not be all sunny and rainbow for IBM Blockchain .
Barry Silbert, founder and CEO of the Digital Currency Group, recently published a tweet speculating on the budget focused on the company's blockchain. Quoting the IBM article from Quartz, Silbert reasoned that, with an average of $ 100,000 per person for the IBM Blockchain team of 1,600, the company's budget for blockchain could be $ 160 million at the time. ;year. While Barry Silbert has not cited any financial data, clearly taking a mathematical approach to blocking the technology giant's blockchain budget, it becomes clear that for IBM, blockchain is not a joke.
At $ 100,000 per person, IBM spends $ 160 million annually on blockchain projects https://t.co/3L1ux6V0Tm
– Barry Silbert (@barrysilbert) August 9th, 2018
Despite the fact that Silbert probably posted this figure as a food for thought, users have still responded to this tweet, discussing their opinions on whether this investment is justified. We try to be real, an annual investment of $ 160 million in blockchain really justifies what developments or shortcomings of what we have seen? A Twitter user that Marcos called "money knocked out"
As subsequently elaborated by another Twitter user, IBM's capital allocation to its blockchain subsidiary may not be well spent, bringing attention on the $ 3 million Stripe (relatively) morbid seed investment in Stellar, which we now know as one of the most influential networks in the cryptosphere.
Fun fact: their blockchain members only needed $ 3 million in funding to create one of the largest crypto projects: Stellar $ XLM
– José (@josevc) 10 August 2018
In the aforementioned Quartz article, journalists revealed that less than 1% of business executives in a survey revealed they had introduced blockchain technology into their systems. Although this sad figure is not the only fault of IBM, it goes to show how blockchain-based systems may not yet be ready for mainstream adoption. As Harvard's Business Review notes, the widespread use of blockchain in traditional systems, such as governments or banks, is probably still years, if not decades.
Blockchain could cost a lot to IBM, but perhaps it is all part of the long-term business plan for continuous dominance of the technology sector, while remaining at the forefront of innovative technologies to improve the technology. ;humanity.
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