In a letter to the shareholders, IBM has acknowledged that one of the main achievements of the new CEO is the expansion of its blockchain business.
The document notes that its technology portfolio is “built for the future”, with blockchain being one of the technologies underpinning this belief. It denotes IBM as:
“…a leader in hybrid cloud, data and AI, security, blockchain, enterprise services”.
Discussing the recent appointment of the new CEO, it notes that Arvind Krishna:
“Played a significant role in developing IBM key technologies: artificial intelligence, cloud, quantum computing & blockchain”.
Blockchain is revenue multiplier
Blockchain as a Service (BaaS) plays an important role in IBM’s offering. Although, there is no information about how much revenue it generates for the company. It was previously reported that blockchain technology is a significant driver of the company’s cloud revenue:
“When you look at the direct attribution of the actual dollars spent on blockchain, we are seeing that for every dollar spent, $15 is spent on other cloud services.”
IN 2019, IBM’s cloud offering generated more than $21 billion in revenue, which is over 27% of the company’s total revenue.
IBM was a major contributor to Hyperledger Fabric and has been involved in the Blockchain space since the community’s earliest days.