The World Economic Forum (WEF) published a report on how blockchain-based solutions can address the supply chain inefficiencies and failures that have been exposed by the COVID-19 pandemic.
The report published on April 28, WEF also released a blockchain deployment toolkit intended to assist government and businesses in adapting their supply chains to the current economic climate and to “accelerate an economic rebound post-COVID-19.”
WEF asserts that the resilience of private and public supply chains have been tested amid the coronavirus outbreak while citing that the efficiency of supply chains relies on transparency, advocating for the adoption of distributed ledger technology (DLT) to create a “shared truth” among supply chain stakeholders.
To assist business and governmental leaders in deploying blockchain-based supply chain solutions, the WEF has also launched its “Redesigning Trust: Blockchain Deployment Toolkit” intended to enable “leaders to maximize the benefits and minimize the risks” associated with DLT.
The toolkit was developed for over a year and saw contributions from more than 100 public and private entities spanning 50 countries.
Nadia Hewett, Blockchain and Digital Currency Project Lead, World Economic Forum USA at WEF USA says:
“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.”
The DLT toolkit has been piloted in a variety of contexts including Saudi Aramco, Hitachi, and numerous small to medium-sized enterprises.