11-30-2022 icon

Blockchain supply chain protocol to be suspended by IBM and Maersk

By Lucy Adegbe

American multinational technology solution IBM and Danish shipping company Maersk have concluded a discontinuation of their co-created blockchain-supported supply chain analytic protocol, TradeLens, with a deficiency in the worldwide alliance as the sole justification.

On Tuesday, Maersk remarked that several measures have been initiated to stop the services of the protocol and these measures are expected to produce maximum results in the first quarter of 2023.

TradeLens associates have begun moves to take out offerings and cease operations of the platform. All players concerned will provide users with due attention without any form of disturbance to their firm, Maersk explained. 

The blockchain-supported supply chain key was created by both parties, in August 2018, to aid members of the community to embrace more competent global shipping practices. However, Maersk noted that the protocol had fallen short of salability that will bolster operations. 

Maersk highlighted that the protocol will continue with measures to computerize the supply chain space and improve creation through diverse available options for the desired aim that was pictured through TradeLens.

Notwithstanding the shortfall of TradeLens,  IBM and Maersk were able to secure about 150 companies for the blockchain-backed supply chain which comprised various shipping firms and logistics sources.

The firms include the two global biggest container shipping groups, CMA CGM and Mediterranean Shipping protocol, which adopted the strategy in the 10th month of 2022.