Maersk and IBM have announced that they have decided to cease operation of the Tradelens maritime blockchain platform, used for digital document exchange in trading processes to reduce the amount of paper used in cargo shipments.
TradeLens was launched in 2018 and jointly developed by IBM and GTD Solution, a division of Maersk, as a blockchain-enabled shipping system designed to promote more efficient and secure global trade.
“TradeLens was founded on the bold vision to make a leap in global supply chain digitisation as an open and neutral industry platform,” said Rotem Hershko, Head of Business Platforms at A.P. Moller – Maersk.
“Unfortunately, while we successfully developed a viable platform, the need for full global industry collaboration has not been achieved. As a result, TradeLens has not reached the level of commercial viability necessary to continue work and meet the financial expectations as an independent business.”
“We are deeply grateful for the relentless efforts of our committed industry members and many tech talents, who together have worked diligently to advance the digitalisation of the industry through the TradeLens platform. We will leverage the work of TradeLens as a stepping stone to further push our digitisation agenda and look forward to harnessing the energy and ability of our technology talent in new ways.”
The TradeLens team has now begun the process of withdrawing its offerings and discontinuing the platform, with the intent that Tradelens will go offline by end of Q1 2023. Maersk notes that all parties involved will aim to ensure that customers are attended to without disruptions to their businesses during this process.