Resilience of supply chains “can be improved” through the deployment of blockchain technology - World Economic Forum
The World Economic Forum has touted blockchain technology as a potential solution to fix global supply chains disrupted by the COVID-crisis. It has released ‘Redesigning Trust: Blockchain Deployment Toolkit’ to “help companies manage the complexities of deploying this new technology”.
WEF said the pressure created by the COVID-19 outbreak on global trade systems highlights an urgent need for global cooperation to maintain and strengthen the resilience of international supply chains.
Resilience in supply chains depends on trust, transparency and integrity, which can be improved through the responsible deployment of blockchain technologies that offer a “shared truth”.
The current pandemic underscores the need for businesses and governments to improve the integrity and provenance of pharmaceutical products and medical supplies, as well as food, goods and industrial and consumer products.
“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. For this reason, the toolkit can level the playing field for small and medium-sized enterprises. There are many lessons to learn from the current pandemic and this toolkit is a starting point for improving long-term pandemic preparedness and accelerating an economic recovery led by public-private cooperation.” said Nadia Hewett, blockchain and digital currency project lead, World Economic Forum USA.
The toolkit has been piloted in a variety of different contexts by organisations developing blockchain solutions within their supply chains, including the Abu Dhabi Digital Authority, Hitachi, Saudi Aramco as well as a number of SMEs.
“At a time when the technology is nascent and evolving, it helps accelerate alignment and understanding of the many considerations that both the public and private sectors face to deploy solutions responsibly,” said Linda Pawczuk, global blockchain and digital assets leader, Deloitte Global.
“We see an acceleration of digitalisation in Maritime Singapore, which has improved productivity and efficiency of the sector. Blockchain has tremendous potential applicability in areas such as bills of lading, cargo-tracking and trade financing. Maritime Singapore has piloted blockchain technology in electronic bills of lading used by shippers and shipping lines, and the ship registration process between class societies and ship owners. The Singapore Government will continue work with industry partners to push forward on this front,” added Quah Ley Hoon, Chief Executive, Maritime and Port Authority of Singapore.
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