By early 2023, IBM and Maersk will <a href="https://www.maersk.com/news/articles/2022/11/29/maersk-and-ibm-to-discontinue-tradelens" target="_blank" rel="nofollow noopener">shut</a> down TradeLens, their five-year effort to integrate supply chains on a hybrid <a href="https://www.cryptoknowmics.com/news/magic-eden-comes-to-polygon-to-accelerate-blockchain-games-growth">blockchain</a> and enhance global commerce.
<h2>TradeLens - A Significant Initiative</h2>
The "business blockchain" age of 2018 saw the emergence of <a href="https://www.cryptoknowmics.com/news/tradelens-onboards-major-turkish-terminal-to-its-platform">TradeLens</a>, a significant initiative to improve inter-corporate trading. Its participants, who included shipping and freight companies, could verify the transaction of goods as it appeared on an open <a href="https://www.cryptoknowmics.com/news/sports-nft-company-candy-digital-fires-more-than-30-of-its-staff">digital</a> ledger.

The purpose of integrating their universe was to reduce costs for member-shipping businesses. However, the strength of the network depended on how many people were using it. Despite some early successes, TradeLens eventually failed to gain a saturation point of support from its target sector.
<h2>Maersk - An Integrated Logistics</h2>
According to a declaration from Maersk's Head of Business Platforms, Rotem Hershko, TradeLens has not yet achieved the measure of financial viability essential to carry on working and satisfy the investment objectives as an independent entity.

A.P. Moller - Maersk is an integrated logistics firm that works to link and streamline the supply chains of its clients. The business works in 130 countries and has over 100,000 employees, making it the industry leader in shipping services. By 2040, Maersk hopes to achieve climate neutrality through the use of new technologies, assets, and fuels.

IBM and Maersk to Shut Down TradeLens Logistics Blockchain

By early 2023, Maersk and IBM will shut down TradeLens, their 5-year effort to integrate supply chains on a hybrid blockchain and enhance global commerce.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

IBM and Maersk to Shut Down TradeLens Logistics Blockchain

Top Picks