Wednesday, Aug 10, 2022
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WEF’s blockchain toolkit to maintain supply chain resilience during crisis

WEF blockchain
Supply chain resilience largely depends on trust, transparency and integrity which can be improved using the technology

The World Economic Forum (WEF) has collaborated with Abu Dhabi Digital Authority, Dubai Future Foundation and Saudi Aramco to launch a blockchain toolkit, media reports said. The blockchain toolkit is built with a focus to address challenges that stem from supply chain failures.

For example, the Cover-19 pandemic has put the governments and businesses under strain to maintain strong supply chains despite the crisis. In this context, the blockchain toolkit will support supply chains and push for economic recovery during the post-pandemic period. A WEF statement said, “The pressure created by the Covid-19 outbreak on global trade systems highlights an urgent need for global cooperation to maintain and strengthen the resilience of international supply chains.”

In a nutshell, the toolkit comprises efforts by many organisations to develop the best industry practices for blockchain deployment. It has drawn expertise from more than 100 organisations including governments, companies, start-ups, academic institutions, civil society, international organizations and technology, and supply chain experts, a WEF statement said.

Nadia Hewett, World Economic Forum USA’s Project Lead for Blockchain and Digital Currency, told the media, “For this reason, the toolkit can level the playing field for small and medium-sized enterprises. There are many lessons to learn from the current pandemic and this toolkit is a starting point for improving long-term pandemic preparedness and accelerating an economic recovery led by public-private cooperation.”

It is reported that supply chain resilience largely depends on factors such as trust, transparency, and integrity which can be improved using blockchain technology.

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