Maersk, IBM Stop Blockchain-enabled Supply Chain Offering

Maersk, the Danish shipping company, and IBM are withdrawing and discontinuing their blockchain-enabled supply chain offering, TradeLens.

The TradeLens platform, which was collaboratively created by IBM and GTD System, a part of Maersk, was revealed in 2018 as a blockchain-enabled shipping solution meant to encourage more efficient and safe global trade.

According to Rotem Hershko, Maersk’s head of business platforms, TradeLens was founded on the bold vision to make a leap in global supply chain digitization as an open and neutral industry platform.

Unfortunately, despite the platform’s viability, the necessity for broad global industry collaboration did not materialize. As a result, TradeLens has not achieved the commercial viability required to continue working and meeting financial goals as an independent corporation, according to Hershko.

By the end of the first quarter, the platform will be decommissioned.

Maersk will continue to automate the supply chain and expand industry innovation through various technologies in order to eliminate trade friction and encourage greater global commerce.

Several large corporations have taken steps to enable blockchain-based supply chains in order to increase transparency in the process. As Coincu reported, the Australian Securities Exchange (ASX) has terminated a six-year blockchain-powered project CHESS settlement and clearing system.

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