Information Technology and Serivces

Layoff Date:

March 18, 2021

Laid Off Employees:

Laid Off Percent:

Source: Tech HQ
Considered one of the largest companies to adopt the blockchain in its operations, International Business Machines Corporation (IBM) has drastically reduced its blockchain team after failing to meet its revenue targets for two years in a row. The layoffs however contradict the company's achievement with the technology itself, coming fourth in the number of blockchain patents held worldwide. In fact, IBM is the only non-Chinese company in the top ten, taking the fourth spot in the number of blockchain patents last year with 647 filings, according to a report by International Asset Management that cited data from Clarivate's Derwent World Patents Index or DWPI. Nevertheless, the DWPI score pushed IBM into the second spot behind Jack Ma's Ant Group. Ant, the financial technology affiliate of e-commerce giant Alibaba Group Holding Limited retained its spot as the most prolific holder of blockchain developmental patents in 2020. Facing the repercussions of several rounds of layoffs, IBM director of public relations Holli Haswell said that the "blockchain business is doing well" and that some changes were made to the unit to "continue to drive growth. IBM maintains a strong team dedicated to blockchain across the company. We changed some resources, but we remain committed to blockchain technology, ecosystem, and services. We see blockchain as a driver for our cloud business."
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