Earlier last week, Maersk and IBM announced that they are closing TradeLens, a joint project based on blockchain technology to improve the supply chain industry.
Founded in 2018, the TradeLens platform has been jointly developed by Maersk and IBM. It was founded with a bold vision to make a leap in the digitization of the global supply chain as an open and neutral industrial platform powered by blockchain technology.
“The TradeLens team is taking action to cancel the offer and terminate the platform, and the goal is that the platform will be offline at the end of the first quarter, 2023. During this process, all parties involved will ensure that customers are served without interruption. business.” said a news announcement from Maersk.
Citing the reasons for ending the platform, Rotem Hershko Head of Business Platforms at Maersk said that TradeLens has not reached the level of commercial viability required to continue working and meet financial expectations as an independent business.
With TradeLens, Maersk and IBM are implementing a blockchain-enabled solution that makes global trade more efficient and secure. However, due to the lack of adequate viability in the market, TradeLens will not currently be offered by Maersk.
To recall, in July 2020 Mumbai-based Shipwaves, also shipping digital goods join the TradeLens platform aimed at accelerating the digitization of the ocean logistics space, especially in India and the Middle East.
“We will use the work of TradeLens as a steppingstone to further push the digitalization agenda and look forward to using the energy and capabilities of technological talent in new ways,” said Rotem Hershko.
During the closing process of the TradeLens platform, a dedicated team will continue to support the platform and assist customers in the transition, the company said.