Blockchain will help restart the world economy

The World Economic Forum (WEF) has just released a report stating that the use of blockchain technology can help overcome some supply chain inadequacies arising during the epidemic.

In addition, WEF also released a toolkit to help governments and businesses re-align their supply chains to the economic status quo and accelerate post-pandemic recovery with blockchain technology. Find out with primexbt trading in the following article:

DLT helps restart the economy

The report released on April 28 affirms the resilience of proven supply chains during the pandemic - for example, the supply chain of pharmaceuticals, medical supplies and food remains operational during the pandemic. when many industries are severely affected.

The report states that the supply chain operates efficiently due to its clarity, and advocates the application of DLT* to help chain participants obtain authentic information.

WEF is a Swiss-based NGO, founded in 1971 to engage business, academic and political leaders interested in economic growth on a global scale.

WEF builds a toolkit on Blockchain technology

With the aim of helping business and government executives figure out how to apply blockchain technology to commodity product supply chain management, WEF has released "Reinventing Trust: Deployment Toolkit". Blockchain" - allows "maximizing benefits and minimizing risks" associated with DLT.

The toolkit was perfected over a year ago with the participation of more than 100 government or private organizations operating in over 50 countries - including Deloitte, Maersk, the World Bank and the World Food Programme.

“This toolkit helps to find solutions for many different people, including those who cannot afford to exploit blockchain technology,” said Nadia Hewett from blockchain and digital currency project. at WEF USA.

The toolkit has been tested with a wide range of audiences, such as Saudi Aramco, Hitachi and many other SMEs.

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Applying DLT to the incremental supply chain

In the space of a few months, more and more institutions and large enterprises are conducting research on the application of blockchain technology to the entire supply chain.

Quah Ley Hoon, chief executive officer of the Maritime and Port Authority of Singapore, said: “We see the acceleration of digitization in the maritime sector in Singapore, helping to improve productivity and operational efficiency. move."

“Blockchain can be applied to areas like bills of lading, shipping tracking and funding,” she added.

The United Arab Emirates (UAE) is also nearing completion of the UAE Blockchain Strategy 2021 – a promising program that aims to bring 50% of government transactions to a DLT-based platform.

User demand helps drive Blockchain adoption

Rupert Colchester, Head of Blockchain for IBM Australia and New Zealand, said that many businesses are implementing DLT solutions for their supply chains to meet the needs of users for transparency.

"Consumers demand a whole new level of transparency," Colchester said, adding that "consumers can favor a supply chain when it comes to transparency and sustainability."

According to information, the egg producer Farmers Hen House has begun printing QR codes on the packaging so that consumers can authenticate the origin of their products.

Fashion brand H&M also started to deploy blockchain technology for traceability for its high-end fashion brand Cos. What do you think about blockchain technology in the future? Please follow prime xbt blog for more details

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