The World Economic Forum believes blockchain can help rebuild the economy

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Posted on: April 28, 2020 5:37 pm EDT

After COVID-19 is brought under control, a bigger shift to blockchain may occur

Amid the coronavirus pandemic and the general financial crisis, it has generated in the world, many deficiencies and inefficiencies in certain processes have been exposed. In an effort to change that, the World Economic Forum (WEF) recently published a report in which it describes how blockchain-based solutions can help supply those failures exposed by the crisis. In addition to that, the organization has released a toolkit for government and businesses so they can adapt their businesses and supply chains to the current status quo in order to “accelerate an economic rebound post-COVID-19.”

According to this report published today, resilience in the supply chain has been tested on both private and public supply chains. The WEF mentions that the hardest hits were taken by pharmaceutical products, medical supplies and food. For the WEF, the efficiency of the supply chain relies mostly on transparency, so the use of a distributed ledger technology (DLT) might be the solution to have a “shared truth” among stakeholders involved in these supply chains.

With this announcement, a new toolkit called “Redesigning Trust: Blockchain Deployment Toolkit” was created for “leaders to maximize the benefits and minimize the risks” associated with DLT. This solution has been under development for the last year in which over 100 public and private entities from 50 countries participated. Names like Deloitte, Maersk, the World Bank and the World Food Program were among those participants. “The blockchain deployment toolkit is essential for designing solutions that work for a multitude of actors, including smaller players who may not have access to the resources required to unlock the value of blockchain technology,” said Nadia Hewett, the blockchain and digital currency project at WEF USA.

The WEF is based in Switzerland.
It is a nongovernmental agency founded back in 1971 in order to bring business leaders, academia and politicians together to discuss key economic issues related to the global economy.