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The World Economic Forum talks up Blockchain as Global Economic Recovery Catalyst

The World Economic Forum (WEF) has looked at how the deployment of Blockchain-based solutions will help address the supply chain inefficiencies and failures precipitated by the global pandemic. The economic body has released a toolkit that seeks to help businesses adapt their supply chains amid the shocks brought about by the Covid-19 menace.

 WEF advocates for DLT in these troubled times

The WEF has made a strong case for distributed ledger technology, asserting its resilience having been tested during these troubling times. The body pointed to the supply chains of sectors such as the medical sector, food and pharmaceuticals among other sectors that have been hardest hit. The body also sold the efficiency of distributed ledger technology (DLT) to create a “shared truth” among supply chain stakeholders. The world economic body has also unveiled plans to assist governments and business leaders in deploying DLT. The WEF will offer assistance by launching its “Redesigning Trust: Blockchain Deployment Toolkit” — which is intended to enable “leaders to maximize the benefits and minimize the risks” associated with DLT.

The toolkit took over a year to develop and had input from over a 100 public and private institutions spanning 50 countries. Some of the high profile organizations that made contributions include Deloitte, the World Bank, Maersk, and the World Food Program. According to Nadia Hewett the Blockchain and digital currency project manager at WEF USA;

“The blockchain deployment toolkit is essential for designing solutions that work for a multitude of actors, including smaller players who may not have access to the resources required to unlock the value of blockchain technology,”.

Ambitious programs have been embarked on to deploy blockchains across supply chains of various industries and companies in the recent past. The chief executive of the Maritime and Port Authority of Singapore Quah Ley Hoon stated;

“We see an acceleration of digitalization in Maritime Singapore, which has improved productivity and efficiency of the sector. Blockchain has tremendous potential applicability in areas such as bills of lading, cargo-tracking, and trade financing,”

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