The international organization states that blockchain technology can help “redesign” the economy and trust of those who go to different companies, both public and private.
In a report published on April 28th, the World Economic Forum (WEF) analyzed how the global economy could recover after the crisis that the Covid-19 pandemic generated. That document details that the deployment of solutions based on blockchain technology can face inefficiencies and failures in the supply chain.
In addition to this report, the World Economic Forum published a set of tools for the deployment of blockchain technology. The objective of this plan is to help governments and companies adapt their supply chains to the current economic situation to “accelerate a post-COVID-19 economic rebound”, according to the report.
Regarding the economic situation that the coronavirus outbreak has caused, the World Economic Forum indicated in its report that the adoption of Distributed Ledger Technology (DLT) could help create a “shared truth” among those interested in the supply chain. According to the World Economic Forum, the coronavirus outbreak has tested the resilience of private and public supply chains. The efficiency of these chains depends on transparency in the processes, something that blockchain technology could improve.
The World Economic Forum also noted in its report that the most affected sectors are the supply chains for pharmaceuticals, medical supplies, and food.
To help business and government leaders deploy blockchain-based supply chain solutions, the WEF launched a toolkit called “Redesigning Trust: Blockchain Deployment Toolkit”.
The objective of this toolkit is to enable leaders of public and private companies to “maximize the benefits and minimize the risks” associated with Distributed Ledger Technology”. The idea is to help company leaders to use this technology and know-how to prevent problems.
The WEF developed this toolkit for over a year and received contributions from more than 100 public and private entities in 50 countries. These contributions include Deloitte, Maersk, the World Bank, and the World Food Program.
“The toolkit for blockchain deployment is essential to design solutions that work for a multitude of actors, including the smallest, who may not have access to the resources necessary to unlock the value of blockchain technology”, said Nadia Hewett, member of the blockchain and digital currency project of the US World Economic Fund.
To ensure the success of this idea, the WEF tested this DLT toolkit in various contexts, such as that of Saudi Aramco, Hitachi, and numerous small and medium-sized companies.
“We see an acceleration of digitization in maritime Singapore, which has improved the productivity and efficiency of the sector (…) Blockchain technology has enormous potential for application in areas such as bills of lading, cargo tracking, and trade”, said Quah Ley Hoon, Executive Director of the Singapore Maritime and Port Authority.
The United Arab Emirates (UAE) is also approaching the deadline for the completion of its Emirates Blockchain Strategy 2021, an ambitious program aiming to migrate 50% of government transactions to DLT-based platforms.
These are other examples of countries that have improved their production chains thanks to Distributed Ledger Technology, which continues to take place between public and private companies in any industry worldwide.
By María Rodríguez