World Economic Forum promotes blockchain as a tool to tackle supply chain failures exposed by COVID-19
- Published: Tuesday, 05 May 2020 08:58
The pressure created by the COVID-19 outbreak on global trade systems highlights an urgent need for global cooperation to maintain and strengthen the resilience of international supply chains.
To help organizations improve future pandemic preparedness and accelerate an economic rebound post COVID-19, the World Economic Forum has released the ‘Redesigning Trust: Blockchain Deployment Toolkit’ which enables leaders to maximize the benefits and minimize the risks of the technology.
Resilience in supply chains depends on trust, transparency and integrity, which can be improved through the responsible deployment of blockchain technologies that offer a ‘shared truth’ says the World Economic Forum.
The first of its kind toolkit is the culmination of more than a year of efforts to capture best practices from blockchain deployment across industries. Drawing on the global expertise of more than 100 organizations – including governments, companies, start-ups, academic institutions, civil society, international organizations and technology and supply chain experts – the toolkit helps companies manage the complexities of deploying this new technology and will accelerate its positive impact.
“The blockchain deployment toolkit is essential for designing solutions that work for a multitude of actors, including smaller players who may not have access to the resources required to unlock the value of blockchain technology. For this reason, the toolkit can level the playing field for small and medium-sized enterprises. There are many lessons to learn from the current pandemic and this toolkit is a starting point for improving long-term pandemic preparedness and accelerating an economic recovery led by public-private cooperation.” said Nadia Hewett, Blockchain and Digital Currency Project Lead, World Economic Forum.
The toolkit has been piloted in a variety of different contexts by organizations developing blockchain solutions within their supply chains, including the Abu Dhabi Digital Authority, Hitachi, Saudi Aramco as well as a number of SMEs.