Full collaboration across the entire global shipping business could not be achieved, admits carrier
Shipping giant AP Møller-Mærsk has decided to abandon its blockchain-enabled digital shipping platform TradeLens.
Developed by Maersk and IBM, TradeLens was established in 2018 with the aim to digitise global supply chains across the globe using an open system accessible to all parties.
“Unfortunately, while we successfully developed a viable platform, the need for full global industry collaboration has not been achieved,” admitted Rotem Hershko, the group’s head of business platforms.
“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.”
As a result, Maersk’s TradeLens team has started to dismantle the platform, which it says will go offline by the end of the first quarter of 2023.
However, Maersk said it would continue its efforts to digitise the supply chain. In particular, it will consider other solutions that can “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,” Hershko added.
“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.”