Integrated logistics company A.P. Moller-Maersk has announced it will terminate its digital supply chain solution TradeLens. 

The firm and its partner, IBM, said their decision to withdraw the blockchain offering was because the platform has not reached “commercial viability”.

The technology was announced in 2018 and jointly developed by IBM and GTD Solution, a division of Maersk. The platform was a blockchain-enabled shipping solution designed to promote more efficient and secure global trade, the company says.

“TradeLens was founded on the bold vision to make a leap in global supply chain digitization 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”, said Rotem Hershko, Head of Business Platforms at A.P. Moller - Maersk.

The executive added that the company is committed to leverage the work of TradeLens as a stepping stone to further push its digitisation agenda for the industry.

The platform is set to go offline by 2023’s third quarter.