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People familiar with the matter: Due to poor performance, IBM is significantly reducing the size of the blockchain team

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IBM has cut its blockchain team to almost nothing, according to four people familiar with the matter.

Rhythm BlockBeats news, on February 2, according to a source, IBM failed to achieve its previous revenue target this year, resulting in layoffs and upgrades. IBM has cut its blockchain team to almost nothing, according to four people familiar with the matter.

"IBM is going through a major restructuring," a source told the former IBM Blockchain employees said. "There really isn't going to be a blockchain team anymore. Most of the IBM Blockchain people are gone."

Another source said that IBM's blockchain unit fell well short of revenue targets for the second year in a row. Expectations for an enterprise version of blockchain were too high, they said, adding that IBM "made a lot of announcements but didn't really execute."

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A spokesman for IBM denied this, however. “Our blockchain business is doing great, thank you,” Holli Haswell, IBM’s head of public relations, said in an email. "We've realigned some of our leaders and business units to continue to drive growth -- we do that every year."

However, a former IBM employee who worked on enterprise blockchain projects said that the company has seen a series of "resource actions" (Resource actions, or RAs), that is, firing employees based on business performance rather than personal performance. .