The famous private blockchain project TradeLens ended in failure. Its two founders, IBM and Maersk, are announcing that they will be shutting down the platform effective Q1 2023.
Large-scale blockchain projects in the commercial sector are struggling to convince and achieve financial balance. After We.Trade in trade finance, it was the turn of TradeLens, launched in 2018, to officially declare its failure.
The TradeLens platform, which specializes in maritime transport, was born from the merger of IBM and Maersk. For IBM, this is an additional setback. The technology group has participated in both we.trade equity and TradeLens.
Commercial success is not on the TradeLens agenda
The first was eliminated this summer. For the second stop is scheduled for the end of the first quarter of 2023. This is reported by Maersk on its website. “The need for full global industrial cooperation has not been realized,” the firm justifies.
As a result, TradeLens has not reached the level of commercial viability required to continue operating and meet financial expectations as an independent business,” the statement said.
Without waiting for the platform shutdown next year, the TradeLens teams are starting the process of dismantling. The proposals are withdrawn and the technology solution will no longer benefit from the changes.
Maersk is looking for other solutions
“During this process, all parties involved will ensure that customers are taken care of without compromising their business,” the carrier said.
Faced with the failure of a coordinated industry-level digital transformation through consortium and blockchain, Maersk will continue to digitize its supply chain through other solutions.
We will use the work of TradeLens as a springboard to advance our digitalization agenda, and we look forward to harnessing the energy and power of our technology talent in new ways,” says Rotem Hershko, Director of Business Platforms.
For its part, IBM did not release a response. Big Blue was fixed in the press in 2021. According to sources, her blockchain business was in disarray. The firm denied.
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