The World Economic Forum (WEF) is optimistic that blockchain based solutions can be used to reboot the almost halted global supply chains. The organization has now produced a roadmap or toolkit that will help in saving the global supply chain, CoinDesk reports.
WEF believes that the use of decentralized ledger technology (DLT) can be used to solve the supply chain problems in the world that have been brought forward by the ongoing COVID-19 pandemic in the world.
The Swiss based NGO released the blockchain deployment toolkit which aims at helping governments as well as businesses to upgrade their supply chains to conform to the prevailing economic climate as well as enhance faster global economic rebound after the end of COVID-19 crisis is over.
The report which is 244 pages long comes with checklists, guided questions and explainers, forming a consortium, public vs private supply chains, how to address the tax issues as well as data privacy, cybersecurity, interoperability, among other issues. In this case, the report is more of a barometer when it comes to deciding if blockchain will fit one’s scenario rather than a guide on implementation, Cointelegraph reports.
WEF points out that the current public and private supply chains have been severely exposed by the coronavirus crisis – giving examples of supply of food, pharmaceuticals as well as medical supplies as some of the most affected sectors.
The report also points out that transparency is key in the supply chains and use of distributed ledger technology (DLT) would enhance ‘shared truth’ among the stakeholders involved in the chain.
WEF head of blockchain and digital currency, Nadia Hewett, explained that the toolkit was developed before the start of COVID-19 crisis but its release has been fast tracked to deal with the crisis. The release of the toolkit could not have come at a better time when global economies are experiencing shocks occasioned by the crisis.
WEF is a non-governmental organization which was launched in 1971 with the aim of bringing together leaders from different fields like politics, business and academia to discuss and come up with solutions on major economic issues that are important to the global economy.