The World Economic Forum (WEF) is hoping to aid supply chain businesses with its new roadmap for deploying blockchain. They’ve come up with a toolkit designed to help all sectors even supply chains which is falling in many areas due to the Covid-19 pandemic.
Global consumer demand seems to have been really badly affected due to Covid-19 but more surprisingly, there have been reports of scams for example, the recent sales of fake n95 face masks globally. WEF seems to have come out with a solution and have launched a toolkit designed to guide businesses through the development and deployment of new blockchain solutions.
Play with the toolkit > Blockchain Deployment Toolkit
This toolkit covers checklists, guided questions, explainers and risk assessments addressing tax concerns and data privacy; forming a consortium, its ecosystem and governance; public vs. private chains; cybersecurity; interoperability; and digital identity, among other concerns. With this toolkit, one is able to decide if its appropriate to deploy a blockchain solution in the company and how to do it effectively.
If taken into account of this global Coronavirus pandemic, companies affected in any scale may use this toolkit to gauge a more natural technological evolution.
“The case for blockchain is stronger as the COVID-19 pandemic underscores the need for more resilient global supply chains, trusted data and an economic recovery enabled through trade digitization,” the report’s authors wrote.
Blockchain Toolkit to Beat Coronavirus
Nadia Hewett, the forum’s blockchain and digital currency lead and one of the toolkit’s main authors said the toolkit was already in development about a year ago, but it was quickly released 2-days ago in light of the scale of disruption the virus has caused throughout economies. Perhaps the launch of the toolkit is timely putting in perspective how this pandemic has caused a global shock and chaos on public health too.
What surprises me though is why the Trump Administration took so long to put the right safety measures in place. According to a news report, Donald Trump is directly to be blamed for having a lack-luster approach in deciding to save the businesses or save lives.
The Covid-19 pandemic has already reshaped global trade in ways that are still progressing. In fact, this roller-coaster effect has just begun and its implications will not be known for months or even for years to come. With the worldwide lockdowns, every nation is already suffering the perils of economic inactivity, especially supply chains. WEF feels blockchain can fix this.
The WEF worked with both private companies and government entities to ensure the guide provided the most helpful advice. The toolkit is a compilation of experiences of 80 companies, 40 use cases and 20 governments.
According to Nadia Hewett,
“Collective deployment experiences, now compiled in a public document, will help small and medium sized enterprises (SME) cut past marketing storylines to reach the how-to of blockchain implementation, a previously costly proposition, she said.”
So, if you’re an SME and you’re looking for ways to empower your organization to look into blockchain deployment, try out the toolkit.
You’d be surprised to learn certain things about blockchain technology that would have otherwise been a costly endeavour. At least, now you have something to talk about with peers.
Image: Cisco Newsroom