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AP Moller-Maersk and IBM will discontinue TradeLens by the first quarter of 2023
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The blockchain-enabled global trade platform is no longer commercially viable, Maersk said
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TradeLens was announced in 2018 and jointly developed by IBM and GTD Solution, a division of Maersk
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The blockchain-enabled shipping solution was designed to promote more efficient and secure global trade
A.P. Moller-Maersk and IBM will discontinue TradeLens, a blockchain-enabled global trade platform, by end of the first quarter of 2023, as it is no longer commercially viable.
“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,” said Rotem Hershko, Head of Business Platforms at A.P. Moller–Maersk, in a statement.
Maersk said it will continue its efforts to digitize the supply chain and increase industry innovation through other solutions to reduce trade friction and promote more global trade.
“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 digitalisation of the industry through the TradeLens platform. We will leverage the work of TradeLens as a steppingstone to further push our digitisation agenda and look forward to harnessing the energy and ability of our technology talent in new ways,” said Hershko.
The TradeLens platform was announced in 2018 and jointly developed by IBM and GTD Solution, a division of Maersk, as a blockchain-enabled shipping solution designed to promote more efficient and secure global trade.
