TradeLens, a Blockchain-Based Supply Chain by Maersk and IBM, Will Close

TradeLens, a Blockchain-Based Supply Chain by Maersk and IBM, Will Close

As part of the decision, A.P. Moller – Maersk and IBM have decided to discontinue the TradeLens platform and withdraw their offerings from the market.

Continued Industry Challenges

TradeLens has begun taking steps to discontinue the platform, as well as with the withdrawal of the offerings, and the intention is that the platform will be removed by the end of the first quarter of 2023.

It is essential that all parties involved in this process ensure that the customer needs are met as soon as possible and that there are no disruptions to the business.

With the aim of reducing trade friction and promoting global trade, Maersk will continue to focus on digitizing the supply chain and transforming the way the industry operates through other solutions.

The company A.P. Moller-Maersk is one of the world’s leading integrated logistics companies. Its mission is to simplify and connect the supply chain for its customers. There are thousands of people employed by the company, which is a global leader in shipping services and operates in 130 countries around the world.

A number of different initiatives are being undertaken by Maersk to become carbon-neutral by 2040, including new technology, new vessels, new assets, as well as new fuels.

Rotem Hershko said:

“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 digitalization of the industry through the TradeLens platform. Taking advantage of TradeLens’ work as a stepping stone, we will be able to move our digitization agenda forward in a highly effective way, focusing on harnessing the energy and talents of our talented team of technology people in new ways.”

TradeLens is a blockchain-enabled shipping platform developed by IBM and GTD Solution, a division of Maersk, as part of a larger initiative designed to make international trade more efficient and secure through the use of smart contracts.

Despite the latest signs that the blockchain industry is facing another worrying sign, IBM and its partners are confident that innovation will undoubtedly continue. A company like IBM entered the blockchain industry before most of the other tech giants out there. There may be some changes in the wake of the company’s latest decision to shut down its supply chain.

It is important to note that blockchain technology can be used in a variety of ways for supply chain management. There is still uncertainty as to whether other teams will continue to work on projects like TradeLens, but I believe this type of product is definitely going to return to the market and offer a real-world use case in the future.