Four years after its launch, IBM and Danish logistics firm Maersk have decided to discontinue their co-developed blockchain-backed supply chain platform, TradeLens, citing a lack of global industry collaboration and inability to achieve it as the reason for the decision.
In 2018, TradeLens was launched with the goal of digitizing and simplifying global supply chains. IBM and Maersk’s GTD Solution division collaborated to create the system, which is a blockchain-enabled shipping platform designed to promote more efficient and secure global trade. TradeLens’ permissioned blockchain ledger also enabled all supply chain participants to view tracking information such as shipment arrival times and documents such as customs releases, commercial invoices, and bills of lading in near real time.
Over the course of its existence, the project grew to include over 300 members, including ocean carriers, terminals, inland depots, customs authorities, and intermodal providers.
However, Maersk stated on November 29 that it has begun taking immediate action to cease operations on the platform, with full effect expected in Q1 2023, but that it will continue its efforts to digitize the supply chain, increase industry innovation, and promote more global trade.
The sources for this piece include an article in TheRegister.