World Economic Forum Looks to Deploy Blockchain in Real World

The World Economic Forum (WEF) believes that DLT supply chains solutions can help the global economy by launching a blockchain deployment kit.

29 April, 2020 | AtoZ Markets – The economic stress of COVID-19 froze global consumer demand and also exposed gaps in existing supply chains. However, the Swiss NGO best known for its brilliant Davos summit released” “Redesigning Trust: Blockchain Deployment Toolkit”, a guide to building more resilient supply chains on distributed ledgers.

The World Economic Forum (WEF) is pitching blockchain as the saviour of failing global supply chains. Its blockchain deployment toolkit is the roadmap to launch. WEF stated:

Ensuring equity, interoperability, transparency and confidence in the governance of distributed ledger technology (DLT) and accelerating the necessary changes to reach its full potential.

The report says that the resilience of private and public supply chains was tested during the coronavirus epidemic. Pharmaceutical, medical supplies and food supply chains were hit the hardest.

The report says that the efficiency of supply chains depends on transparency, advocating the adoption of DLT. It is to create a “shared truth” among supply chain stakeholders. The toolkit presents the supply chain as a natural, technological evolution for businesses and governments emerging from this public health crisis.

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Blockchain and the Coronavirus

The toolkit’s development preceded the COVID-19 crisis by more than a year. But its release speeded up due to the virus, said Nadia Hewett the supply chain and digital currency project at WEF. She is also one of the main authors of the toolkit. It may be more opportune in the shadow of the generational shock, both for public health and economies.

The Blockchain “is not a silver bullet,” admitted Hewett. “It is not going to solve everything. But it has characteristics that can help solve problems typical of epidemics and pandemics.”

The toolkit has developed for over a year. It has benefited from the contributions of more than 100 public and private entities from 50 countries. It includes Deloitte, Maersk, the World Bank and the World Food Program. Nadia Hewett said:

“The blockchain deployment toolkit is essential for designing solutions that work for a multitude of actors. It includes small players who may not have access to the resources necessary to unlock the value of blockchain technology“.

The DLT toolkit has tested in a variety of contexts, including Saudi Aramco, Hitachi and many small and medium-sized businesses. DLT can also offer the possibility of programming a CBDC to perform specific functions and build intelligent tools to track transactions.

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