IBM Focuses on Blockchain with Industry Platforms Unit

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September 20, 2016

IBM recently launched its Industry Platforms business unit in a bid to deliver blockchain solutions to its customers.

According to eWeek, the company has said that the launch of last week’s blockchain unit will focus on financial services organizations in addition to other business units.

IBM said:

The Industry Platforms unit will focus on Watson for financial services, blockchain and strategic partnerships.

Bridget van Kralingen, a fast-tracked IBM executive who has been head of IBM Global Business Services, will be in charge of the unit.

Charles King, principal analyst at Pund-It said to eWeek that the new unit increases the company’s commitment to blockchain and highlights the company’s belief that the technology will enhance its commercial interests.

He added:

That makes perfect sense given the value blockchain can bring to a wide variety of business, financial and industry processes who are virtually all right up IBM’s alley.

IBM Boosts its Blockchain Investment

This is not the first time that the company has taken an interest in the blockchain technology.

It is an investor in the blockchain startup, Digital Asset Holdings and is a member of the Linux Foundation’s Hyperledger Project.

Not only that, but in June the company opened a Bluemix Garage in New York focusing on blockchain, fintech, and financial services. In July, IBM joined the Chamber of Digital Commerce (CDC), a Washington-based advocacy group and trade association that highlights digital currencies and blockchain technology.

In a statement, Jerry Cuomo, vice president of Blockchain Technologies at IBM said that it was important from a national competitive point of view for U.S. companies and government agencies to lead the world in understanding blockchain and how to utilize it.

He said:

Blockchain will greatly benefit from government participation and we are pleased to join the Chamber of Digital Commerce to support engagement with the policy making community.

Featured image from Shutterstock.

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