Maersk and IBM will close their platform because it has not reached the level of commercial viability in 4 years since its creation
Global container shipping leader Maersk and IT corporation IBM announced the discontinuation of their blockchain platform TradeLens. Although the platform developed is viable. But the need for full global industry collaboration has not been achieved. Maersk will continue to digitize logistics and support industry innovation with other solutions.
One of the world’s most famous blockchain projects, the TradeLens platform was jointly developed by Maersk and IBM in 2018. And it is supported by major transportation companies, which account for more than 60% of global container shipments. TradeLens has made it possible to introduce digitized documentation flows into global logistics chains, which has simplified cargo clearance.
Many ports and terminals around the world are among the TradeLens customers. As well as customs authorities in Singapore, Netherlands, Saudi Arabia and Australia.
“TradeLens has not reached the level of commercial viability necessary to continue to operate and meet financial expectations as an independent business,” said Rotem Hershko, head of business platforms at Maersk.
Beginning Nov. 29, the TradeLens team will begin completing platform operations, which should occur by the end of the first quarter of 2023. During this process, all parties involved will ensure that customers are served without disruption to their business.