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IBM closes its blockchain chapter (well, almost)INTL

IBM closes its blockchain chapter (well, almost)

IBM (IBM) has trimmed down its blockchain unit’s headcount by an astonishing 90%, according to CoinDesk. Scaling back in such a big way could indicate that the company is pulling back, or even closing altogether, its blockchain operations.

A former employee at the blockchain division said that many workers had been let go after a series of Resource Actions, which basically means they were sacked based on business performance and not on individual performance.

However, IBM has denied the claims so far, claiming that there has been some reorganization within the company. IBM’s director of public relations, Holli Haswell, even offered a swift response: “Our blockchain business is doing well, thank you.” Okay IBM, if you say so!

why it matters
Though cryptocurrencies, and hence blockchain networks, have had a good 2020, it seems as though IBM has shifted focus towards its hybrid cloud software Red Hat, as the cloud computing industry continues to expand rapidly.