Maersk and IBM are to shut down the TradeLens blockchain platform for global supply chains in the face of market apathy towards the project.
Commercially-available since December 2018, TradLens enabled participants to digitally connect, share information and collaborate across the shipping supply chain ecosystem.
In closing the project, Rotem Hershko, head of business platforms at Maersk, says: "TradeLens was founded on the bold vision to make a leap in global supply chain digitization as an open and neutral industry platform. 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."
The platform is to go offline by the end of the first quarter 2023.
TradeLens faced stiff competition from Hong Kong-based shipping technology consortium Global Shipping Business Network (GSBN), established by major shipping lines and terminal operators.
In a statement on the demise of TradeLens, Bertrand Chan, CEO of GSBN, says: "“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.”