• Tue. Jun 18th, 2024

World Economic Forum Launches Blockchain Kit to Revolutionize World Supply Chains

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Apr 28, 2020

World Economic Forum Blockchain Kit

The World Economic Forum launches a blockchain kit to offer efficient solutions to update and improve the world supply chains. The deficiencies in the current supply chains are checked and exposed by the Coronavirus pandemic. The purpose behind this newly developed DLT kit is to overcome these deficiencies and inefficiencies with better solutions.

Redesigning Trust: Blockchain Deployment Toolkit

The COVID-19 questions about the resilience of the existent global supply chain networks. To fight against the drastic Coronavirus pandemic, the World Economic Forum rolls out “Redesigning Trust: Blockchain Deployment Toolkit”. The DLT deployment kit will help out the institutions and governments to layout a better solution for the circulation of products by employing blockchain technology.

Nadia Hewett, the Blockchain and Digital Currency Project Leader at WEF USA, said:

“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.”

In its report, the forum focuses on the emergency need to reinstall the world structure to establish trust, resilience, and transparency in supply chains. As pandemic has put many industries under its pressure, it also slows down the food and medical supplies throughout the world. So, there is a strong need to introduce DLT technology to integrate and maintain food, medial, and pharmaceutical supplies. Other sectors also call for significant improvements such as industries and consumer products.

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Comprehensive Guidebook for Blockchain-based Solutions

While explaining the efficiency of its Blockchain kit, the forum claims that it is developed and designed by experts from more than 100 organizations across the world, including tech firms, startups, governments, civil society, and academic institutions, and international organizations.

Linda Pawczuk, the Global Blockchain and Digital Assets Leader at Deloitte Global, said:

“The Blockchain Deployment Toolkit sets a new benchmark for a comprehensive guidebook to design blockchain-enabled solutions. At a time when the technology is nascent and evolving, it helps accelerate alignment and understanding of the many considerations that both the public and private sectors face to deploy solutions responsibly.”

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