TradeLens blockchain platform for global supply chains faced solid competition from major shipping lines and terminal operators
The TradeLens platform has been jointly developed by Maersk and IBM. Source: pexels.com
The TradeLens platform, jointly developed by Maersk and IBM, is shutting down?due to market apathy towards the project.
Available since late 2018, TradeLens helped participants to digitally connect, share information and collaborate across the shipping supply chain ecosystem. However, it couldn’t withstand rough competition, in particular,?from Hong Kong-based shipping technology consortium Global Shipping Business Network (GSBN).
The platform was underpinned by blockchain technology, connecting shippers, freight forwarders, ports and terminals, ocean carriers, intermodal operators, government authorities, customs brokers and more ecosystem participants.
TradeLens could be integrated via an open API with a set of open standards. Powered by Hyperledger Fabric blockchain technology and IBM Cloud, the platform enabled the secure sharing of transportation documentation and efficient collaboration.
In addition, the platform comprised TradeLens Marketplace, offering apps and services from both TradeLens and third parties, able to foster supply chain innovation and value creation.
Despite all the benefits, the product has not become popular among industry stakeholders. Therefore, the corporate owners decided to cut off the burdensome project from their balance sheets. The platform is scheduled to go offline by the end of Q1 2023.
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Nina Bobro
Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.
