Martin Schroeter, Senior Vice President of IBM Global Markets, mentioned in an interview how their blockchain business is being loved by tech enthusiasts.
The company had gone over the analysts’ estimate for revenue and earnings as IBM shares rose to more than 2.5% in the second-quarter earnings report. With earnings of $3.08 per share and revenue of $20 billion, the quarter revenue rose 4% marking IBM’s third consecutive quarter growth after the five years of year-over-year revenue declines having its stock down by 6% at the start of the year. The analysts concluded that the company is poised to return to sustainable revenue growth.
Schroeter listed down three reasons to CNBC’s Jim Cramer why IBM is a leading choice among international companies. The security, scale, and a robust ecosystem that comes with it are the top reasons why people turn to it. He also mentioned how they have more blockchains running in the world today than anybody else, all because of these reasons.
Last year, IBM made a deal with seven of Europe’s largest bank including Deutsche Bank making one of the first real-world cases where financial institutions incorporated the system. Blockchain technology is rising in popularity along with cryptocurrencies.
IBM’s blockchain technology encryption places the tech giants in a class above the rest, especially when making deals with global operators. Schroeter further stated that big global banks and companies who work with IBM are enjoying an open and secure technology platform with the skills that make it all work.
Major financial institutions are becoming forefront in developing their own instead of waiting for companies to shift them out by leveraging blockchain services. Banks have a different view of the future, but they accept the fact that blockchain is a part of it. Speed and veracity are the two most valued commodities when it comes to modern finance and blockchain offer both thus appealing itself to banks and major companies.