Maersk and IBM Abandon TradeLens Blockchain Platform
(5 December 2022 – Denmark) IBM and Maersk are shuttering TradeLens by Q1 2023 after the blockchain-based supply chain service failed to attract a critical userbase mass to be considered commercially viable.
TradeLens emerged during the “enterprise blockchain” era of 2018 as a high-flying effort to make inter corporate trade more efficient. Open to shipping and freight operators, its members could validate the transaction of goods as recorded on a transparent digital ledger.
Despite the closure of the platform, the statement on Maersk’s website claims the company will “continue its efforts to digitise the supply chain,” increasing industry innovation to reduce trade friction and promote more global trade.
TradeLens faced stiff competition from Hong Kong-based shipping technology consortium Global Shipping Business Network (GSBN), established by major shipping lines and terminal operators.
"At GSBN, we are focused in our mission driving the digital transformation of global trade and are fully committed to supporting stakeholders across the industry throughout this journey. We continue to closely follow the industry's latest developments ” said GSBN CEO, Bertrand Chan.