IBM embraces cloud, AI, IoT and blockchain as new growth engines

IBM is embracing cloud, artificial technology, Internet of Things, big data and blockchain as new growth engines as it moves away from its old business models, the chairman of IBM China said on Wednesday.

The Big Blue’s “strategic imperatives” targeting the above technologies generated a full-year revenue of US$39 billion by the second quarter, up 15 percent year on year. They accounted for 48 percent of IBM’s total revenue globally.

“After a five-year business shift and transformation, IBM has entered a new stage of accelerated growth ,” said Chen Liming, chairman of IBM China in a recent interview in Shanghai.

In China, IBM’s blockchain technology is used in food safety traceability such as a pork supply chain tracking project with Walmart.

Shanghai launched new policies that are aimed at developing AI into a 100-billion-yuan (US$14.8 billion) industry by 2020, up from 70 billion yuan in 2017, said local government officials.