IBM

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International Business Machines Corporation (IBM)
IBM.png
Founded 1911
Headquarters Armonk, New York, NY
Key People Virginia Rometty (Chairman/President/CEO)
Employees 10,000 +
Products Data services, IoT design, tech support, fintech
Twitter @ibm
LinkedIn Profile
Facebook IBM
Website IBM Home
Releases Company News
Blog IBM Blog

International Business Machines Corporation (IBM) is a U.S.-based information technology company.[1]

Overview

IBM was founded in 1911 with the merger of three technology companies: the International Time Recording Company, the Computing Scale Company of America, and the Computer-Tabulating-Recording Company. Originally the company made scales, clocks, and punch card machines.[2][3][4] Later, it made typewriters and computation machines. During World War II, the company manufactured weapons for the U.S. government.[5][6] After the war, IBM resumed its focus on the design and manufacture of tabulation machines, which became the basis for modern computers.[7][8] In contemporary times, it is known as an information technology, big data, and fintech company. It designs, develops, maintains and sells cloud data management services, computer hardware and software, and blockchain-based technology.[9][10] In 2018, Forbes listed IBM as the 6th largest tech company in the world.[11]

Blockchain

IBM has been among the first leaders in enterprise-level adoption and development of blockchain technology. In 2016, the IBM Institute of Business Value conducted a survey of 200 banks in 16 countries to guage the interest of banking institutions in blockchain technology.[12][13] The company was among the first to join the Open Ledger Project, later renamed the Hyperledger Project.[14]

Blockchain World Wire

In September 2018, IBM announced on its website that it had brought its Blockchain World Wire (BWW) payment network out of beta. The company, which partnered with Stellar, says that the BWW can clear and settle cross-border payments in seconds.[15][16]

IBM announced on March 18, 2019, that six banks had signed letters of intention to use BWW to issue fiat-based stablecoins, pending their regulatory approvals in their home countries.[17] IBM indicated that three of the banks are Bank Busan (South Korea), Rizal Commercial Banking Corporation (Philiippines) and Banco Bradesco (Brazil). Already at the time of the announcement, BWW was using Stronghold’s U.S. dollar-backed coin currently as an on-ramp for U.S. dollars, and BWW had payment locations in 72 countries, with 48 currencies and 46 “banking endpoints” according to IBM. Also according to IBM, BWW lets banks use Lumens (XLMs), the native Stellar currency, for transactions between otherwise difficult to settle fiat currencies.[18]

TradeLens

IBM partnered with Danish shipping conglomerate A.P. Moller–Maersk Group (or Maersk for short) to create a distributed ledger platform for supply chains called TradeLens in early 2018. By the end of October, the project had partnered with only one other company, Pacific International Lines (PIL), the 17th largest shipping company in the world by cargo volume. Coindesk reported that month that the project had had difficulty convincing other carriers to join the platform.[19]

Crypto Custody

In March 2019, IBM announced that it had partnered with the New York-based Shuttle Holdings to launch the beta version of a new cryptocurrency cold storage software product. This product will be designed for institutional investors, and will hold private keys of customers in secure, offline devices for storage.[20]

References