The World Economic Forum believes that blockchain will be efficient to get the world economy going again

The World Economic Forum published a report examining how the use of blockchain-based solutions can deal with inefficiencies and supply chain errors exposed by the COVID-19 pandemic.

Along with the report, The EMF has published a number of tools for the use of blockchain to help governments and companies adjust their supply chains to the current economic climate and “accelerate an economic recovery after COVID-19”.

The World Economic Forum supports DLT to revitalize the economy

The report released on April 28 states: The resilience of private and public supply chains was tested during the outbreak of the corona virus. The supply chains for pharmaceuticals, medical care and food are among the most affected sectors.

The World Economic Forum believes that blockchain will be efficient to get the world economy going again
The World Economic Forum believes that blockchain will be efficient to get the world economy going again

The report argues that supply chain efficiency depends on transparencyand adoption of Distributed Ledger Technology (DLT) is advocated to create a “common truth” among the stakeholders in the supply chain.

The World Economic Forum is a Swiss-based non-governmental organization that was founded in 1971 to involve business, academic and political leaders in important economic issues related to the progress of the global economy.

FEM is launching a number of blockchain tools

To help business and government leaders deliver blockchain-based supply chain solutions, The WEF has also launched its “Redesign of Trust: Blockchain Deployment Toolkit,” which “Executives should maximize the benefits associated with DLT and minimize the risks.”.

The toolkit has been developed for over a year and has received contributions from more than 100 public and private institutions in 50 countriesincluding Deloitte, Maersk, the World Bank and the World Food Program.

“”The Blockchain Deployment Toolkit is important to develop solutions that are suitable for a wide range of stakeholders, including the smallest, who may not have access to the resources needed to unlock the value of blockchain technology, “said Nadia Hewett, FEM USA’s blockchain and digital currency project.

The DLT toolkit has been tested in different contextslike that of Saudi Aramco, Hitachi and numerous small and medium-sized companies.

Increased acceptance of DLT supply chain solutions

More and more large companies and institutions have launched ambitious blockchain delivery programs in their supply chains. in the past few months.

“We are seeing digitalization accelerate in maritime Singapore, which has improved the productivity and efficiency of the sector,” said Quah Ley Hoon, Executive Director of the Singapore Maritime and Port Authority.

“The blockchain has huge potential for applications in areas such as waybills, freight tracking and trade finance,” he added.

The UAE is also nearing the deadline for completing its blockchain strategy for Emirates 2021, an ambitious program that aims to migrate 50% of government transactions to DLT-based platforms.

Consumer demand is also driving acceptance of the supply chain

Rupert Colchester, Head of Blockchain at IBM Australia and New Zealand, told Cointelegraph that many companies are implementing DLT solutions in their supply chains to respond to the increased demand for transparency from consumers.

Colchester said: “Consumers are demanding a whole new level of transparency,” adding that “consumers reward the supply chain when there is transparency and sustainability.”

Earlier this month, Cointelegraph reported that ethical egg producer Farmers Hen House had started printing QR codes on their cartons so that consumers could track the origin of their products.

The fast fashion brand H M also seems to use blockchain traceability for its premium clothing subsidiary Cos.

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