IBM and Maersk to shut down TradeLens supply chain platform
IBM and shipping giant Maersk have confirmed they are shutting down their blockchain-based trading platform, saying that its aim of full global industry collaboration had not been achieved.
"Unfortunately, while we successfully developed a viable platform, the need for full global industry collaboration has not been achieved," he added, saying that as a result, TradeLens had not reached the level of commercial viability necessary to continue operating and meet the financial expectations as an independent business.
On the face of it, this application would seem to be a textbook case for blockchain technology, which enables a distributed ledger of records linked together using cryptography in such a way that once transactions are recorded, they cannot be altered without also changing all subsequent blocks.
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