Blockchain Toolkit was Launched During Economic Crises Post COVID-19
The pressure created by the Coronavirus pandemic enabled the global trades to perceive the importance of a resilient international supply chain. The presence, as well as maintenance of reliable and resilient supply chains, was of high importance lately. This crisis affected the demand for medical equipment as well. Due to the lockdowns around the world to flatten the infection rate the exposition of pharmaceutical products and medical supplies underwent drastic changes. As a result, the World Economic Forum launched its new Blockchain toolkit. This toolkit improves and maintains the resilience in supply chains which is dependent on rectitude and transparency. These factors could be provided through a “shared truth” offered by Blockchain technologies.
The companies are now able to apply the Blockchain technology into their supply chain sector. This technology helps the companies to use the Blockchain more efficiently. It enables the companies to have better insight into more than 100 stakeholders across the globe, those with best practices on Blockchain deployment.
The Blockchain Deployment Toolkit was released for aiding the companies to integrate the technology into their supply chain, maximizing their benefits as well as using more responsible Blockchain suppliers, and eventually having less risk in dealing with poor quality products. According to the report published, WEF itself claimed that this technology might not compensate for the losses caused by COVID-19. Meanwhile explaining that it is of great help in increasing the resilience of the supply chain for developing more appropriate strategies for coping with upcoming crises.
Nadia Hewett, the Blockchain and Digital Currency Project Lead explain the reason behind choosing the supply chain by WEF is the fact that “it was one of the largest areas of exploration.” She further clarified the importance of this technology in decreasing the risk of receiving faulty supplies including medical equipment.
Support the World After Post-COVID Economic Recovery
This comprehensive toolkit was released during the COVID-19 pandemic by the World Economic Forum with the help of 50 different countries for mitigating the effects of coronavirus on the supply chain as well as preparing the organizations for future pandemics.
The toolkit which is built by WEF with the Centre for the Fourth Industrial Revolution Network Fellows from Hitachi, Deloitte, and Saudi Aramco, enables the users to utilize the Blockchain technology in finding more responsible Blockchain suppliers.