The Capital
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The Capital

WEF Hopes to Restart Global Economy With Blockchain Technology

The World Economic Forum (WEF) believes blockchain solutions for supply chains will help reload the global economy after the COVID-19 crisis. In particular, the WEF report suggests that blockchain solutions will help eliminate supply chain failures and inefficiencies that were identified as a result of the pandemic.

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

A WEF report of April 28 says private and public supply chains have undergone severe testing during the coronavirus. At the same time, the WEF indicates that the supply chains of pharmaceutical products, medical supplies and food products have suffered the most.

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

It should be noted that the WEF is a Swiss non-governmental organization, founded in 1971 to attract business leaders, academia and policymakers to discuss key economic issues related to the development of the global economy.

The WEF blockchain toolkit has been developed for more than a year, and more than 100 state and private organizations from 50 countries took part in it, including Deloitte, Maersk, the World Bank, and the World Food Program.

The set is designed to develop solutions with many participants, among which there may be small players who find it more difficult to access resources that reveal the value of this technology.

Author: Marko Vidrih

Featured image credit: Pixabay

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Marko Vidrih

Marko Vidrih

1.3K Followers

Most writers waste tremendous words to say nothing. I’m not one of them.