Credit union service organization CULedger said on Monday that it would collaborate with IBM to deliver new blockchain-based services, aimed to aid credit unions in improving experience for members.
IBM shares closed higher for the fifth time in the past fourteen trading sessions in New York on Monday. It has also been the sharpest daily surge since January 23rd. The stock went up 1.94% ($2.62) to $137.71. The latter also was the intraday high and a price level not seen since March 6th ($138.39).
Shares of International Business Machines have risen 21.15% so far in 2019 compared with an 11.03% gain for the benchmark index, S&P 500 (SPX).
In 2018, IBM’s stock went down 25.91%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
By using permissioned blockchain technology and cooperating with IBM, CULedger aims to create an immutable audit trail, which can help establish new business models for credit unions as well as transform their existing business processes.
A permissioned blockchain network, which allows for services sharing among all credit unions, could enhance services such as identification authentication, compliance with Know-Your-Customer (KYC) regulatory framework and, last but not least, payments and lending. At the same time, users could more easily and efficiently conduct any interactions, requiring authentication.
“A cooperative model that helps improve the member experience while benefitting all credit unions is the ideal approach to ensuring the next wave of financial innovation for the credit union industry,” John Ainsworth, President and Chief Executive Officer of CULedger, said in a statement.
“We are creating a network through which all members can join and access new services and enabling credit unions to become even more competitive while addressing new market dynamics where members are demanding even more for their financial services provider,” Ainsworth added.
The latest report by research and advisory company Gartner showed that blockchain’s potential value to the enterprise might increase to over $360 billion by the year 2026 and to over $3.1 trillion by 2030.
Credit unions worldwide will be able to access initial services on CULedger’s blockchain network later this year, the company said.
According to CNN Money, the 15 analysts, offering 12-month forecasts regarding IBM’s stock price, have a median target of $140.00, with a high estimate of $165.00 and a low estimate of $115.00. The median estimate represents a 1.66% upside compared to the closing price of $137.71 on March 11th.
The same media also reported that 11 out of 20 surveyed investment analysts had rated IBM’s stock as “Hold”, while 5 – as “Buy”. On the other hand, 2 analysts had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for International Business Machines (IBM) are presented as follows:
Central Pivot Point – $136.25
R1 – $138.92
R2 – $142.75
R3 – $145.42
R4 – $148.09
S1 – $132.42
S2 – $129.75
S3 – $125.92
S4 – $122.09
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