IBM and Maersk will shut down TradeLens by the first quarter of next year, after the blockchain-based supply chain service failed to attract enough users to be commercially viable.
Four years after IBM and Maersk first introduced TradeLens, the companies have announced that they will withdraw TradeLens offerings and discontinue the blockchain-based supply chain platform.
The platform will go offline at the end of Q1 2023. Apparently the platform did not attract enough users to be commercially viable.
“The need for full global industry collaboration has not been met,” said Rotem Hershko, head of trading platforms at A.P. Moller – Maersk, in a statement posted on the Maersk website. “TradeLens has not reached the level of commercial viability necessary to continue to operate and meet financial expectations as an independent company.”
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Launched in 2018 and co-developed by IBM and GTD Solution, a division of Maersk, TradeLens aimed to digitize and simplify global supply chains through an electronic shipping ledger that records the details of cargo shipments as they depart. origin, arrive at ports and are shipped abroad. and eventually received.
Where the shipping industry’s traditional style of information exchange relied on outdated electronic data interchange (EDI) systems, email, fax, or courier service, TradeLens enabled all parties involved in the supply chain to view shipping information. tracking, such as shipment arrival times and documents such as customs. communications, commercial invoices and bills of lading in near real time through your authorized blockchain ledger.
During its short lifespan, the project built a network of more than 300 members, including ocean carriers, terminals, inland warehouses, customs authorities, and intermodal providers.
Despite the platform shutdown, the statement on Maersk’s website claims that the company will “continue its efforts to digitize the supply chain,” increasing industry innovation to reduce trade friction and promote more global commerce. .
“We will use the work of TradeLens as a springboard to further drive our digitization agenda and look forward to harnessing the energy and ability of our tech talent in new ways,” Hershko said.
