What is Happening on the TradeLens Logistics Blockchain? IBM and Maersk
What is happening on the TradeLens Logistics Blockchain? IBM and Maersk. Last year’s blockchain industry bear market will end after five years. Maersk and IBM will retire their shipping blockchain TradeLens by early 2023, ending a five-year project by the two groups to improve global trade by connecting supply chains to the blockchain.
TradeLens emerged during the “blockchain industry” in 2018 as a high-flying effort to make commercial transactions more efficient. Open to shipping and cargo operators, its members can support transactions of products recorded in transparent digital ledgers.
The idea is to save its member shipping companies money by consolidating their world. But the network is only as strong as its participants; Despite some initial setbacks, TradeLens logistics eventually reached its target of large corporations.
“TradeLens has not yet reached the level of business necessary to continue operating and meeting financial expectations as an independent business,” Rotem Hershko, Head of Trade Platforms at Maersk, said in a statement.