The 700’s next iteration, the 702, designed particularly for business use, entered the market that same year. For this new machine, IBM pivoted away from a focus on governmental clients to a broader spectrum of customers in the commercial sphere.
Though offering less computational power than the 701, the 702’s speedy input and output functions and its large-capacity electrostatic memory, could, as one Time article put it,“remember enough information to fill a 1,836-page Manhattan telephone book” and “work the information at the rate of 7,200 unerringly logical operations per second.”
Chemists at the agrochemical company Monsanto told Time that the machine could “open up new horizons by rapidly working out complex equations to help discover new products, improve old ones, find out which of dozens of technically ‘correct’ answers to problems are the best.”
Over the next decade, the 700 mainframes continued to feature more optimized memory devices — and faster processing times. With the 704, for instance, the customary Williams tube storage method was replaced by a high-speed magnetic core storage. This machine also introduced to the series floating-point arithmetic and updated software — advancements that would aid the computer in such applications as tracking the US’s first artificial satellite, Vanguard, in 1958.
In the late 1950s, IBM developed the 709 and then the 7090 — which, for the first time, featured transistors instead of vacuum tubes. Though the series was replaced by the release of IBM’s System/360 computers in 1964, the decade of innovation on the 700 machines built the foundation for IBM’s strength in the mainframe computer market.