By ET Bureau - December 01, 2022 1 Mins Read
A.P. Moller – Maersk and IBM plan to shut down their Blockchain-enabled global trade digitization platform, TradeLens, after the solution failed to reach commercial viability, the companies announced Tuesday.
The decision was defended in a statement by Rotem Hershko, head of business platforms at A.P. Moller-Maersk, who noted that, “TradeLens has not reached the level of commercial viability necessary to continue work and meet the financial expectations as an independent business.”
On Tuesday, the companies “withdrew offerings and discontinued the platform,” with the intention of completely deactivating the solution by the end of Q1 2023. TradeLens has now become a victim of slow adoption in a supply chain ecosystem where private data is abundant but frequently secretive or challenging to parse, integrate, and share.
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