MAERSK and IBM are discontinuing global trade platform TradeLens.

Technology corporation IBM and Maersk division GTD Solution developed the blockchain-enabled platform in 2018.

By June last year, more than 300 organisations had joined the TradeLens platform, encompassing 10 ocean carriers and data from more than 600 ports and terminals.

But on Tuesday (29 November), Maersk and IBM announced their decision to withdraw TradeLens offerings and discontinue the platform.

Rotem Hershko, head of business platforms at A.P. Moller – Maersk, said TradeLens was founded on “the bold vision to make a leap” in global supply chain digitisation as an open and neutral industry platform.

“Unfortunately, while we successfully developed a viable platform, the need for full global industry collaboration has not been achieved,” he said.

“As a result, TradeLens has not reached the level of commercial viability necessary to continue work and meet the financial expectations as an independent business.”

Maersk said the TradeLens team on Wednesday began the process of withdrawing offerings.

The platform is scheduled to go offline by the end of the first quarter of 2023.

Maersk said all parties involved in the process will ensure customers are attended to without disruptions to their businesses.

“We are deeply grateful for the relentless efforts of our committed industry members and many tech talents, who together have worked diligently to advance the digitalisation of the industry through the TradeLens platform,” Mr Hershko said.

“We will leverage the work of TradeLens as a steppingstone to further push our digitisation agenda and look forward to harnessing the energy and ability of our technology talent in new ways.”