Maersk has announced that TradeLens, the joint blockchain initiative for international shipping with IBM is closing. Launched in 2018, many believed that Maersk would not be able to attract other container shipping firms, but MSC and CMA-CGM joined in 2019.
“TradeLens has not reached the level of commercial viability necessary to continue work and meet the financial expectations as an independent business,” said Rotem Hershko Head of Business Platforms at A.P. Moller – Maersk.
“Unfortunately, while we successfully developed a viable platform, the need for full global industry collaboration has not been achieved.”
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