The blockchain has enabled dispute resolution to take 10 days instead of 40. The shadowchain can record events in the lending process to avoid unneeded delays caused by disputes. “But we have now employed a shadow chain: my definition of shadowchain is it’s not replacing the primary business process, it’s being used to enrich that business process with a useful function that it currently doesn’t do.” “No, I’m not suggesting the moonshot of immediately redoing our global financing, lending system on a blockchain,” Cuomo said. The business manages around 25,000 disputes a year that can tie up $100 million at a given time. IBM Global Finance (IGF) sends out 2.9 million invoices and works with 4,000 partners in lending about $44 billion annually. The tech giant has so far taken a focused, incremental approach to blockchain starting with “shadowchain,” an application for the tech giant’s global finance division. IBM has led efforts to adopt blockchain technology to multiple industries with several newly-revealed initiatives and commitments, CCN.com reported. Cuomo called such projects “moonshots.” IBM Leads Blockchain Activity He also sees an opportunity to move supply chains to the blockchain.Īs for improving global supply chains, the change will even be more significant. Jerry Cuomo, IBM’s vice president of blockchain, favors a blockchain-enabled insurance plan for driverless cars. dollars on research and development, such as on advances in quantum computing and artificial intelligence.A recent article in International Business Times revealed just how committed IBM is to helping industries reinvent themselves using blockchain technology. As a major and innovative player in the industry, IBM consistently spends at least 5 billion U.S. In early 2019, IBM acquired open source technology company Red Hat, which offers a hybrid cloud platform. For example, its platform IBM Cloud aims to help customers shift their operations to the cloud environments. The company looks to address its underinvestment in cloud by developing software and platform products. One of IBM’s responses to its declining revenue is restructuring some of their business, moving into areas like cloud, blockchain, and artificial intelligence. The business is now organised into software, consulting, infrastructure, financing and other segments. The new classification of business segments is based on multiple factors, such as the homogeneity of products, technologies, and the client base. The company spun off its infrastructure services business into a separate company, Kyndryl. The change in business segment reporting followed IBM’s pursuit of management system and organizational changes. Reorganization of IBM's business operations In the fourth quarter of 2021, the company changed its segment reporting again, to align it better with the company's platform centric approach to hybrid cloud and AI. In 2016, IBM first changed its segment reporting to reflect the company’s shift away from being a hardware, software and services company, and towards becoming a cognitive solutions and cloud platform company. dollars of the company’s revenue, which for 2021 stood at around 57.35 billion U.S. In 2021, IBM’s software segment generated 24.14 billion U.S.
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