WEF Forms Global Mega-Team to Redesign Trust Regarding Blockchain for Supply Chains

The world economic forum, better known as the WEF has officially formed a team of more than 100 worldwide supply chain leaders. The new team, announced on May 1^st, has been developed to help create a standard for blockchain applications around the world. Based out of Switzerland, the new WEF run project is known as Redesigning Trust: Blockchain for Supply Chains.

Known for its motto, “improving the state of the world,” the World Economic Forum (WEF) will create reliable, responsible, interoperable blockchain applications for the logistics sector.

The new team will also develop an open-sourced toolkit that ensures blockchain tech and related applications are distributed in a responsible manner. Hopes for the new team is to help standardize blockchain technology, also reducing the hype and skepticism based around the technology.

According to Nadia Hewett, project leader at the WEF for DLT and blockchain tech:

“supply chain solution makers need clear guidelines, tools, and frameworks in order to reduce risks and maximize the benefits of blockchain. Hewett outlined that the new initiative will help the community to “piece together the puzzle, so others don’t have to start from scratch.”

A report issued by the WEF, solidified what a lot of people already know – in most breaches, cybersecurity breaks are typically a result of poor security not high-level hacking. Data breaches can usually be avoided if correct measures are taken. Hackers tend to look for the weak spots in a system then exploit them.

Many larger corporations, like FedEx for example have pushed for leaders in the industry to develop new standards and security measures for blockchain technology.