Maersk-IBM Joint Blockchain Venture TradeLens is Shutting Down

Early last week, Maersk and IBM announced that they are shutting down TradeLens, their joint project based on blockchain technology to improve supply chain industry.

Founded in 2018, TradeLens platform has been jointly developed by Maersk and IBM. It was founded on the bold vision to make a leap in global supply chain digitization as an open and neutral industry platform underpinned by blockchain technology.

"TradeLens team is taking action to withdraw the offerings and discontinue the platform, and the intent is that the platform will go offline by end of quarter one, 2023. During this process all parties involved will ensure that customers are attended to without disruptions to their businesses." said the news announcement of Maersk.

Citing the reason for discontinuation of the platform, Rotem Hershko Head of Business Platforms at Maersk said that TradeLens has not reached the level of commercial viability necessary to continue work and meet the financial expectations as an independent business.

With TradeLens, Maersk and IBM implemented a block-chain-enabled solution creating more efficient and secure global trade. However, due to a lack of adequate viability in the market, TradeLens will currently no longer be offered by Maersk.

In the year when its launched, IBM and Maersk announced that 94 organizations were actively involved or have had agreed to participate on the TradeLens platform. Besides, it was also claimed that about 234 marine gateways/ports worldwide have had or would be actively participating on TradeLens. 

To recall, in July 2020 Mumbai-based Shipwaves, a digital freight forwarder, also joined TradeLens platform aimed at accelerating the digitization of the ocean logistics space, especially in India and the Middle-East.

TradeLens eventually shutting the shop now. 

"We will leverage the work of TradeLens as a steppingstone to further push our digitisation agenda and look forward to harnessing the energy and ability of our technology talent in new ways,” said Rotem Hershko. 

During the process of closing of TradeLens platform, a dedicated team will continue to support the platform and assist the customers in the transition, said the company.

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