Danish shipping companies Maersk and IBM have decided to shut down their failed blockchain-based supply chain TradeLens.
Globally, blockchain adoption and use is increasing. Technology, which offers more useful, fast and cheap job opportunities, has entered the radar of corporate companies. Banks, especially the architects of general finance, have focused on researching and using blockchain technology. Technology, which is also the building block of cryptocurrencies, is seen at the beginning of the road. In the midst of all these processes, a move came from two Danish-based shipping companies. Maersk and IBM have run their blockchain-based service with high hopes. However, the companies stated that the services ended after five years.
Blockchain-Based Supply Chain Says Goodbye
TradeLens, founded by Denmark-based Maersk and IBM, emerged in 2018 to facilitate trade. Aiming to establish a more efficient and easy trade network, the platform did not survive after five years.
Companies have come up with a business idea that is feasible and logical in theory. However, this idea failed to sustain global cooperation and did not receive enough attention. The platform, which serves as a shipping solution with its blockchain features, will expire in the first quarter of 2023.
Rotem Hershko, head of business platforms at Maersk, stated that TradeLens has not reached the level of commercial viability necessary to continue operating and meet financial expectations.
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