Maersk and IBM end operations of TradeLens
“TradeLens has not yet achieved the full range of global, relevant industry collaborations required, nor has it achieved the level of commercial viability required to continue operating and meet financial expectations as a standalone business.”
On November 29, Maersk and IBM announced that they decided to withdraw the TradeLens Trade Lens™ product (Tradelens for short) and stop operating the platform.
Rotem Hershko, head of Maersk Business Platform, explained: “We hope to build an open and neutral industry platform to help the digitalization of the global supply chain to achieve a leap forward. TradeLens came into being under this vision. Unfortunately, although we have successfully developed this platform , but it has not yet achieved the full range of global and relevant industry collaboration required, nor has it achieved the level of commercial viability required to continue operating and meet financial expectations as an independent business.”
To this end, Maersk stated that from now on, the TradeLens team will take relevant actions to withdraw the product and terminate the platform operation. The platform is expected to be offline by the end of the first quarter of 2023. During this process, all parties involved will ensure that customer business is not affected.
Maersk emphasized that it will continue to work hard to digitize the supply chain and achieve industry innovation through other solutions to reduce trade friction and promote global trade.
Rotem Hershko said: “I am very grateful for the unremitting efforts of the industry members and relevant technical personnel participating in the platform. They work together to promote the digitalization of the industry through the TradeLens platform. We will use the experience of TradeLens as a cornerstone to further promote the company’s digitalization process, and look forward to Unleash the capabilities of technical talent in new ways.”
It is understood that the TradeLens platform was jointly developed by Maersk and IBM in 2018. It is a shipping logistics platform based on blockchain technology and aims to promote more efficient and secure global trade. CMA CGM and MSC also serve as the main shipping companies of the platform and play key roles in the ecosystem.