Blockchain-based supply chain platform canned by IBM and Maersk

Although the TradeLens platform will officially go offline in the first quarter of 2023, Maersk said it is not giving up on its efforts to digitize the supply chain industry. New

U.S. technology company IBM and Danish logistics company Maersk have decided to discontinue TradeLens, their co-developed blockchain-based supply chain platform, citing lack of "global collaboration of the industry" as one of the main reasons for this decision.

Maersk said on November 29 that it began taking immediate steps to cease operations on the platform, which should take full effect by the first quarter of 2023:

"The TradeLens team is taking action to remove offers and discontinue the platform [...] During this process, all parties involved will ensure that customers are supported without disrupting their business ."

While the blockchain-based shipping solution was introduced by the two companies in August 2018 to help industry players adopt more efficient international supply chain practices, Maersk said the platform form had not reached a level of "commercial viability" to support operations:

“While we managed to develop a viable platform, the need for full collaboration with global industry has not been met,” said Rotem Hershko, Head of Business Platforms at Maersk . “As a result, TradeLens has not achieved the level of commercial viability necessary to continue operating and meeting financial expectations as an independent business.”

Maersk said the company will continue its efforts to digitize the supply chain and increase industry innovation through alternative solutions to achieve the desired goals envisioned by TradeLens.

TradeLens worked by tracking and processing critical supply chain data from every shipment in real time, before stamping a distributed system and