IBM Blockchain Spending is Near $160 Million and has 1,600 Employees Working on DLT Projects
IBM is one of the major investors in distributed ledger technology (DLT), also known as the blockchain, on the world. The interest of the company is growing on the blockchain market and a recent Gartner survey indicates that IBM is spending an estimated $160 million per year and devoting 1,600 people to work on projects related to the blockchain technology.
According to this recent research, only one percent of the companies have adopted the blockchain technology while eight percent of them were experimenting with the technology or had short term plans. A revealing number of 77 percent of the surveyed CEOs affirmed that their companies did not have any interest in the blockchain technology.
IBM, however, is part of the one percent. The company has taken a very positive and proactive stance on the blockchain technology and, according to the General Manager for IBM Blockchain, Marie Wieck, the company is leading the field in terms of investment.
Barry Silbert, a member of the Digital Currency Group, estimated that the company is spending $160 million USD per year with the technology as it has 1,600 and the average salary in the company, according to Payscale, is $93,000 USD.
IBM Is Seriously Involved With The Blockchain Technology Partnerships
The company, with its proactive approach on the field, has been working with several other companies to achieve better results. One of them is the giant CLS, which has been creating a blockchain-based app store, and major banks like Citigroup, Barclays and others.
IBM was also able to make a $740 million USD deal with the Government of Australia to be its main technology partner for five years. If the estimates about the money that IBM is spending on technology are right, this deal alone may pay for the whole staff for these five years.
Another major partnership that the company was able to make was with Maersk, the shipping giant, to launch a blockchain-based solution to disrupt the logistics market. Another partnership was with Stronghold, a fintech startup which intends to launch a stablecoin anchored in the USD.
Other Companies Also Interested In The Blockchain Technology
While IBM holds a major investment in this area, other companies are also demonstrating interest in keeping up. Microsoft might be the main competitor that IBM has right now. The company has just launched its own blockchain service, Coco, and revealed plans for strategically advancing in the field soon after that.
Other prominent example is the South Korean tech company LG, which has announced a blockchain project called Monachain. This project will be used to enhance areas like finances, communication, manufacturing and others.