The digital joint venture of A.P. Moller-Maersk and IBM will phase out their shipping blockchain TradeLens offerings and discontinue the platform by the end of the first quarter of 2023.
In 2018, A.P. Moller-Maersk and IBM announced the creation of TradeLens, a joint venture to apply blockchain to the world’s supply chain.
Over 300 members joined TradeLens, including ocean carriers Alianca, CMA CGM, Hamburg-Sud, MSC, Seaboard, Safmarine, Sealand, SPL, and Zim, as well as numerous terminals, inland depots, customs authorities, and intermodal providers.
However, according to Maersk, the platform “has not reached the level of commercial viability required to continue work and meet financial expectations as an independent business.”
Rotem Hershko, Head of Business Platforms at A.P. Moller – Maersk, said, “TradeLens was founded on the bold vision to make a leap in global supply chain digitization as an open and neutral industry platform. Unfortunately, while we successfully developed a viable platform, the need for full global industry collaboration has not been achieved.”
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