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.

Digital Freight Forwarder Shipwaves joins Maersk-IBM developed Blockchain-based TradeLens platform

The Mumbai-based digital freight forwarder will leverage TradeLens’ solutions to accelerate secure digitization in ocean logistics

Shipwaves, an industry-leading digital freight forwarder has joined Maersk-IBM developed TradeLends platform. The association between the front-running blockchain-powered supply chain solution provider and digital freight forwarder is aimed at accelerating the digitization of the ocean logistics space, especially in India and the Middle-East. 

Having recently allowed shipping bill of lading to be filed over a blockchain platform, India has been betting big on blockchain-enabled solutions to digitize its maritime supply chains. Along the same vein, TradeLens provides controlled, permissioned access to secure and immutable transportation documents while bringing together stakeholders such as shipping carriers, ports, customs offices, and other players in the ecosystem through its blockchain-led platform.

Through this linkage, Shipwaves will be able to provide timely end-to-end supply chain visibility, secured sharing of digital shipping documents, and data directly from partners. This will enable the forwarder to improve efficiency and decrease operational costs by a significant margin. Additionally, the smart-contract based workflows will automate and digitize multi-party interactions, which will result in improved efficiency.

According to Bimal Kanal, Head of TradeLens in South Asia, “TradeLens is an industry-wide neutral platform aiming to spur innovation in the complex logistics industry. We aim to build a digital ecosystem that will drive benefits for all on the platform. With Shipwaves collaborating with TradeLens, we have an important supply chain enabler furthering our joint desire of removing manual tasks and enabling digitized workflows in the logistics industry."

Commenting on the association, Sajid Mohammed, COO, Shipwaves, said, “Our  working with TradeLens marks a significant milestone which will enable us to digitize our customers’ operations and lead them into the blockchain era of global trade. While we were one of the early innovators in the digital freight forwarding space, the ongoing pandemic taught us that, this alone is not enough. One also needs collaboration to enhance competence and expand capabilities. Our SaaS products helped us gain deep insights into the inner universe of clients’ IT systems and how they interact with their logistics teams and stakeholders. We believe that the TradeLens platform will truly elevate our value proposition, allowing us to  interconnect with shippers, carriers & other stakeholders. The best part is that all this will be done using the innovative technology that ensures security, trust, and transparency."

Enabling freight forwarders with data direct from the source to enhance their offering to their clients is a key tenet of TradeLens. Having directly connected with over 160 entities ranging from ocean carriers, ports, shippers, inland providers, and more, the granularity of data offered includes over 120 supply chain events including transportation plans, estimated and actual events. Leveraging this in-depth data to bolster steadfast digitization, the development is set to unlock the next phase of growth in the ocean logistics ecosystem. 

About Shipwaves Online Private Limited:

Founded in 2015, Shipwaves is Asia's first Digital Freight Forwarder. It prides itself in being a logistics company fully built around the needs of shippers, and delivers solutions through technology and logistics expertise. It helps shippers around the world to plan, book, and manage their shipments by offering instant rates, quick quotes, online booking, and real-time visibility. It also offers value-added services like customs clearance, marine insurance, and advanced data analytics to lower freight costs.

Additionally, Shipwaves provides SaaS offerings to global Enterprise customers to automate their end-to-end shipping processes. It uses the latest technologies, automation tools, and predictive analytics to provide its customers with visibility and control over the entire shipment lifecycle. The intuitive platform seamlessly connects shippers, carriers, and their partners to integrate and collaborate across the entire supply chain gambit. The company has multiple offices in India and the UAE and has tie-ups with several shipping, air cargo, trucking, and Fintech companies.

About TradeLens

The TradeLens platform has been jointly developed by Maersk and IBM. TradeLens is an open and neutral industry platform underpinned by blockchain technology, supported by major players across the global shipping industry. The platform promotes the efficient, transparent, and secure exchange of information in order to foster greater collaboration and trust across the global supply chain.

About Maersk 

A.P. Moller - Maersk is an integrated container logistics company working to connect and simplify its customers' supply chains. As the global leader in shipping services, the company operates in 130 countries and employs roughly 76,000 people.