As a spearhead in embracing new tech, IBM has led the way in integrating blockchain and cryptocurrencies at the Fortune 500 level.
The American conglomerate has partnered with major global players across various sectors, from retail to supply chain management, showcasing the real-world applications and societal benefits of emerging technology.
However, with recent executive shifts within IBM's leadership, concerns are mounting that their ambitious blockchain endeavors might face challenges.
IBM Loses Two Execs
According to a recent exclusive A report from crypto-focused outlet Modern Consensus, known for its exclusive interviews, indicates IBM has lost its chief blockchain strategist, Stanley Yong.
Yong, who guided IBM's central bank digital currency projects and leveraged his global banking connections, played a crucial role in IBM’s blockchain strategies. He had forged ties with financial institutions, fostering IBM's presence in crypto-friendly regions like the Philippines and South Korea.
The reasons for Yong’s departure remain unknown, but it signals a significant disruption to the blockchain team and possibly to IBM's broader strategy.
this article about @IBM The CTO Stanley Yong’s exit raises questions about the stability of the IBM-Stellar partnership, which might be faltering according to current reports. More coverage on this topic is necessary. https://t.co/kvetQzxS2x
— Michael Arrington ????☠️ ????️ (@arrington) June 16, 2019
This development follows the unexpected departure of Jesse Lund, IBM's Global Head of Blockchain, known for his bold $1 million Bitcoin prediction. Despite steady progress, his exit was unforeseen.
Lund and IBM issued unclear statements, with Lund expressing optimism about blockchain’s potential in payment solutions, despite his departure.
Stellar Partnership In Jeopardy?
Reflecting on these events, Modern Consensus’ Michael Craig speculates on IBM's blockchain trajectory and its partnership with Stellar, known for its Ripple-like functionalities.
Craig highlights Lund’s role as the advocate for Blockchain within IBM and his influence on the choice of Stellar as their preferred blockchain partner, despite other options. Stellar Stellar co-founder Jed McCaleb denies any break-up rumors with IBM; however, Craig suggests the partnership’s future may be uncertain. Ripple and Mt. Gox , publicly.
It’s crucial to recognize that IBM is committed to its blockchain venture, despite losing key figures like Yong and Lund. Ethereum , EOS , NEM, and Ripple on the table.
In late 2022, Barry Silbert, CEO of Digital Currency Group, calculated IBM's investment into its blockchain workforce, estimating a $160 million annual expenditure. Though not officially confirmed, this hints at IBM's serious commitment to blockchain.
Blockchain initiatives remain a priority despite setbacks.
$160 million is IBM's estimated annual spend on blockchain projects, breaking down to an average of $100,000 per employee.
IBM is actively encouraging businesses and financial institutions to harness blockchain’s potential, with recent collaborations involving KPMG, Merck, and Walmart on a pharmaceutical supply chain project.
Since 2013, I've been immersed in the cryptocurrency world, offering insights and interviews in top industry platforms such as LongHash, NewsBTC, and Decrypt. Beyond writing, I contribute to HTC's EXODUS division and hold a modest Bitcoin investment. Reach me at [email protected] https://t.co/3L1ux6V0Tm
— Barry Silbert (@BarrySilbert) August 9, 2018
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