IBM has underscored how seriously its taking Blockchain technology with the creation of a new business unit centered around it. The new business, called Industry Platforms, will be led by Global Business Services chief, Bridget van Kralingen.

IBM’s entire blockchain leadership team will transition to the new business, which was first announced last year.

As well as working on Blockchain technology, the Industry Platforms business will also work to promote its Watson artificial intelligence platform in the financial services sector.

“The Industry Platforms business will bring clients radically optimized processes and marketplaces that leverage Watson, IBM Cloud, IBM Systems, blockchain, deep domain expertise and ecosystems of partners and developers,” said IBM CEO Ginni Rometty.

“This is an important move by IBM as we increasingly focus on Blockchain,” the company added in a press release.

Industry Platforms will now house IBM’s global industry managing directors for banking and insurance, client managing directors, and other financial services industry solutions. In turn, former Accenture Plc senior executive Mark Foster will now head up IBM’s Global Business Services.

Building Blockchains

The new unit will be based at IBM’s Armonk, New York, offices, and will be tasked with leading the company’s Blockchain research and development. It will also help to foster open technology standards, with the aim of accelerating adoption of the technology.

The move represents the next stage of IBM’s push into Blockchain, which has already seen the company build several prototype products and become a major contributor to the Linux Foundation-backed Hyperledger Project. One of the company’s earliest Blockchain projects was a proof-of-concept that integrates BitTorrent, Ethereum and TeleHash, launched last year. More recently, IBM has begun work on integrating its Watson AI with Blockchain technology.

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