Maersk stated that despite the TradeLens platform being formally shut down in Q1 of 2023, it has not given its hopes up on efforts to automate the blockchain sector.
TradeLens, a blockchain-based system of supply-chain co-developed by the American technology giant IBM as well as the Danish logistics business Maersk, will no longer be supported. A dearth of “global manufacturing collaboration” was cited as a major factor in this decision.
On November 29, Maersk said that it has started taking urgent steps to stop using the platform, and that these steps should be complete by the first quarter of 2023.
Although the two companies unveiled the blockchain-based transportation solution in Aug 2018 to assist industry players adopt more effective global supply chain methods, Maersk claimed the platform hadn’t yet attained a level of “commercial potential” to support operations.
TradeLens Blockchain-Based Supply Chain News:
In order to fulfill the goals envisioned by TradeLens, Maersk stated that the company will keep working to digitize its distribution network and boost industry development through reasonable options.
TradeLens worked by tracking and analyzing each shipment’s crucial distribution network data directly, then marking a dispersed and irreversible record of what happened on-chain for accessibility and validation by all parties involved.
Despite TradeLens falling short of IBM as well as Maersk’s initial expectations, the two businesses were nevertheless able to sign up over 150 businesses for the supplier blockchain, including several port authorities, shipping firms, and logistics service providers.
Two of the biggest container carriers, CMA CGM as well as Mediterranean Delivery Company, were among businesses. They connected the network in October 2020.
TradeLens has been discontinued despite statistics from IBM claiming that the technology cut shipping times by 40% and customers’ documentation expenses by 20%.