IBM and Maersk to Shut Down TradeLens Logistics Blockchain
Table of contents
TradeLens - A Significant Initiative
The "business blockchain" age of 2018 saw the emergence of TradeLens, 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 digital 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.
Maersk - An Integrated Logistics
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.
