WEF publishes blockchain toolkit on supply chain during Coronavirus

As food disappears from shelves around the world following fears surrounding the COVID-19 pandemic, the World Economic Forum is releasing the fruits of 18 months of work that could fix food-supply chains.

The World Economic Forum (WEF) worked with more than 100 organisations to create a toolkit to help guide enterprises and CIOs managing blockchain application projects.

The World Economic Forum (WEF) believes that blockchain solutions for supply chains will help reboot the world economy after the COVID-19 crisis. In particular, the WEF report suggests that blockchain will help address supply chain disruptions and inefficiencies that have been identified as a result of the pandemic.

WEF has also released a set of tools for deploying solutions that can help governments and companies wishing to adapt their supply chains to the current economic climate, which would also help “accelerate economic recovery after COVID-19”.

The WEF report of April 28 states that private and public supply chains were severely tested during the Coronavirus. At the same time, the WEF points out that the supply chains of pharmaceutical products, medical supplies and foodstuffs have been most affected.

WEF also says that the effectiveness of supply chains depends on transparency, while a blockchain can create a “common truth” for the participants in the chain.

It should be noted that WEF is a Swiss non-governmental organization founded in 1971 to involve business leaders, academics and politicians in discussions on key economic issues related to the development of the world economy.

The WEF Blockchain Toolkit was developed over a year ago, and more than 100 public and private organizations from 50 countries participated in it, including Deloitte, Maersk, the World Bank and the World Food Programme.

The toolkit is designed to develop multi-participant solutions, which may include small players who find it more difficult to access resources to reveal the value of the technology.

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