IBM and Maersk are closing TradeLens by the first quarter next year, after the blockchain-based supply chain service failed to attract enough users to be commercially viable. Four years after IBM and Maersk first unveiled TradeLens, the companies have announced they will be withdrawing TradeLens offerings and will discontinue the blockchain-based supply chain platform. The platform will go offline by the end of the first quarter in 2023. Apparently the platform did not attract enough users to be commercially viable. “The need for full global industry collaboration has not been achieved,” said Rotem Hershko, head of business platforms at A.P. Moller – Maersk, in a statement posted on Maersk’s website. “TradeLens has not reached the level of commercial viability necessary to continue work and meet the financial expectations as an independent business.” Launched in 2018 and jointly developed by IBM and GTD Solution, a division of Maersk, TradeLens aimed to digitize and simplify global supply chains via a electronic shipping ledger that records details of cargo shipments as they leave their origin, arrive in ports, are shipped overseas and eventually received. Where the shipping industry’s traditional style of information sharing relied on outdated electronic data interchange (EDI) systems, email, fax, or courier, TradeLens allowed all involved parties in the supply chain to view tracking information such as shipment arrival times and documents such as customs releases, commercial invoices and bills of lading in near real time via its permissioned blockchain ledger. During its short lifespan, the project built up a network of over 300 members including ocean carriers, terminals, inland depots, customs authorities and intermodal providers. Despite the closure of the platform, the statement on Maersk’s website claims the company will “continue its efforts to digitise the supply chain,” increasing industry innovation to reduce trade friction and promote more global trade. “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,” Hershko said. Related content news analysis Apple earnings: About that iPhone 'slump' in China Based on information from Thursday's earnings report, it seems that data pointing to an iPhone slump in China were over-baked. By Jonny Evans May 03, 2024 9 mins iMac iPhone Apple news Microsoft begins to phase out ‘classic’ Teams Microsoft is encouraging Teams customers to move to the new, faster version of the collaboration app; the older version will be switched off next year. By Matthew Finnegan May 03, 2024 3 mins Microsoft Teams Collaboration Software Productivity Software news analysis Apple confirms it will open up the iPad in Europe this fall The latest efforts to comply with Europe’s Digital Markets Act mean developers can offer to side load apps to both iPhones and iPads in the EU. Apple has also taken steps to improve what it offers to smaller and non-commercial developers in the By Jonny Evans May 02, 2024 6 mins iPad Apple Mobile Apps news Udacity offers laid-off US workers free access to its courses for 30 days Sign-ups will be available over the next 30 days By Lucas Mearian May 02, 2024 4 mins Technology Industry IT Jobs IT Skills Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe