The World Economic Forum published a report asserting how the deployment of blockchain-based can be useful in addressing the supply chain inefficiencies and failures that have been exposed by the coronavirus pandemic. The World Economic Forum has also released a blockchain deployment toolkit that would assist the government and businesses in adapting their supply chains to the current economic climate. It is also intended to help accelerate the economic rebound post-COVID-19.
“Supply chain of food and medical supplies have been hit hardest by the pandemic.”
The World Economic Forum, in its report, mentioned that the pandemic has tested the resilience of private and public supply chains. The supply chains of essential supplies, including medical supplies, and food are among the sectors that have been hit the hardest. The WEF believes that the efficiency of supply chains relies on transparency, and it advocated for the adoption of distributed ledger technology (DLT) to create a shared truth among supply chain stakeholders.
The World Economic Forum is a Switz-based non-governmental organization that was founded in 1971. The international forum engages leaders in business, academia, and politics on vital economic issues relating to the advancement of the global economy.
WEF launches a blockchain toolkit to maximize the benefits and minimize the risks.
The WEF has launched its “Redesigning Trust: Blockchain Deployment Toolkit,” which is aimed to enable leaders to maximize the benefits and minimize the risks associated with DLT. Nadia Hewett, the blockchain and digital currency project at WEF USA, said that this deployment toolkit is crucial for designing solutions that work for a multitude of actors, including smaller businesses who may not have access to the resources required to unlock the value of this technology. The DLT toolkit has been piloted in a variety of contexts, including Saudi Aramco, Hitachi, and several other small and medium businesses.
Earlier in the UK, Birmingham City University began a trial for a blockchain-powered certificate to protect suppliers and consumers from coronavirus infection. The Coronavirus Clearance Certificate (CCC) is based around a QR code system that tracks both financial and non-financial elements of the supply chain.
