IBM has cut its blockchain team down to almost nothing, according to four people familiar with the situation. Job losses at IBM (NYSE: IBM) escalated as the company failed to meet its revenue targets for the once-f\u00eated technology by 90% this year, according to one of the sources.\u201cIBM is doing a major reorganization,\u201d said a source at a startup that has been interviewing former IBM blockchain staffers. \u201cThere is not really going to be a blockchain team any longer. Most of the blockchain people at IBM have left.\u201d IBM\u2019s blockchain unit missed its revenue targets by a wide margin for two years in a row, said a second source. Expectations for enterprise blockchain were too high, they said, adding that IBM \u201cdidn\u2019t really manage to execute, despite doing a lot of announcements.\u201dA spokesperson for IBM denied the claims. \u201cOur blockchain business is doing well, thank you,\u201d Holli Haswell, a director of public relations at IBM, said via email. \u201cWe have realigned some leaders and business units to continue to drive growth \u2013 we do that every year.\u201dA former IBM staffer who had been working on enterprise blockchain, however, said there have been a succession of \u201cResource Actions,\u201d or RAs, which basically means firing people based on business performance as opposed to personal performance. \u201cI would wager less than 10% [of the blockchain product and engineering team] is still working on IBM Blockchain,\u201d said the ex-IBM source. \u201cThere have been tons of reorgs. Pretty much everyone is gone. IBM is now 100% focused on hybrid cloud, so everything that doesn\u2019t support that is deprioritized.\u201d IBM has pumped a lot of money into blockchain since 2016, when it began talking about the technology\u2019s potential to transform the way industries do business.If IBM\u2019s blockchain innovation work is now confined to some R&D, and does not even extend to consulting, as one of the sources said, this sounds an ominous note for the enterprise blockchain space in general \u2013 perhaps particularly for the Hyperledger collection of blockchains, to which IBM was a key contributor. In its recent full-year results statement, IBM as a whole reported revenue fell 6% on an annualized basis. Looking back to its 2017 financial statement, IBM called itself the \u201cblockchain leader for business.\u201d All mention of the technology is now absent from the company\u2019s statements.No more TV commercials In the past several years, IBM has pushed ahead with a series of blockchain networks built on Hyperledger Fabric. Big Blue\u2019s major blockchain networks are FoodTrust, a farm-to-supermarket tracking system backed by Walmart; and TradeLens, a shipping container logistics blockchain backed by Maersk. IBM has also added the Trust Your Supplier network and previously had a go at payments via World Wire.While cryptocurrencies and public blockchain networks appear to have flourished in 2020, the economic shock of COVID-19 has impacted innovation departments inside large firms, to the extent that areas not immediately generating revenue \u2013 such as blockchain \u2013 have been trimmed. Another source, an enterprise blockchain engineer with former ties to IBM, estimated more than 100 blockchain-related jobs were cut at Big Blue over the last year. The source also pointed out that Jerry Cuomo, IBM\u2019s head of blockchain and an evangelist for the tech going back to 2016, has been moved and is now working on artificial intelligence.\u201cJerry is indeed overseeing additional strategic, high-growth parts of the IBM business but is still involved in blockchain,\u201d said Haswell, the company spokesperson. \u201cHe is a very senior technical leader and that is what we do in IBM \u2013 people\u2019s roles expand.\u201dAfter publication of this article, Haswell further disputed the reporting, adding:"IBM maintains a strong team dedicated to blockchain across the company. We have shifted some resources but remain committed to the technology, blockchain ecosystem and services. We see blockchain as a driver for our cloud business."Zack Seward contributed reporting.