The World Economic Forum released a report looking at inefficiencies and failures in supply chains, and how DLT solutions can help restart the global economy. The agency proposed a set of blockchain implementation tools with the aim of helping the government and companies to adapt to the "current economic climate" and direct an economic rebound after COVID-19.
According to the report, the coronavirus outbreak has tested the resilience of supply chains, both public and private. Among the most affected sectors, medical supplies, pharmaceuticals and food stand out. The WEF highlights the relevance of transparency and reliability when evaluating the efficiency of a supply chain, thus highlighting its support for blockchain technology to create a “shared truth” among stakeholders.
The international body also launched its "Trust Redesign: Blockchain Deployment Toolkit", a program to help business and government leaders "maximize the benefits and minimize the risks" associated with the new technology.
The set of tools that the Forum will make available was developed over more than a year and was tested in different companies, such as Saudi Aramco, Hitachi, and other smaller ones. In addition, its production received contributions from more than 100 public and private entities, including the World Bank, the World Food Program, Deloitte and Maersk.
"The blockchain implementation toolkit is essential for designing solutions that work for a multitude of actors, including the smallest players who may not have access to the resources necessary to unlock the value of blockchain technology," said Nadia Hewett, director of the blockchain and digital currency project of the World Economic Forum.
More and more internationally renowned companies and institutions are advancing in the adoption of blockchain systems to innovate their supply chains.
Recently, COS, the premium brand of the H&M Group, joined VeChain's services to take advantage of the benefits of its public blockchain network for supply chain monitoring and sustainability management.
In recent days, Sony developed a blockchain system to integrate the provision of data and services in different transports. In addition, automotive companies Tesla and BMW have recently implemented blockchain solutions to their manufacturing processes with the goal of reducing costs and improving the speed of shipments.