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IBM and Maersk Abandon Ship on TradeLens Logistics Blockchain
An enterprise blockchain project from bygone bear markets will wind down after five years.
Maersk and IBM will wind down their shipping blockchain TradeLens by early 2023, ending the pair’s five-year project to improve global trade by connecting supply chains on a permissioned blockchain.
TradeLens emerged during the “enterprise blockchain” era of 2018 as a high-flying effort to make inter-corporate trade more efficient. Open to shipping and freight operators, its members could validate the transaction of goods as recorded on a transparent digital ledger.
Story continues
The idea was to save its member-shipping companies money by connecting their world. But the network was only as strong as its participants; despite some early wins, TradeLens ultimately failed to catch on with a critical mass of its target industry.
“TradeLens has not reached the level of commercial viability necessary to continue work and meet the financial expectations as an independent business,” Maersk Head of Business Platforms Rotem Hershko said in a statement.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
