FEM believes that blockchain technology can restart the world economy

FEM believes that blockchain technology can restart the world economy

The World Economic Forum considers that blockchain technology can restart the world economy through the solutions created for supply chains, as reported by Cointelegraph on April 28.

According to the report (1), the World Economic Forum (WEF) released a report examining how the deployment of blockchain-based solutions can cope with supply chain inefficiencies and failures that the pandemic has exposed COVID-19.

Furthermore, the EMF also provided a set of blockchain deployment tools for the purpose of helping governments and organizations adapt their supply chains under the current economic system and to “accelerate a post-COVID-19 economic rebound,” they noted.

The report was published on April 28, and they state that the resilience of private and public supply chains has been tested amid the coronavirus outbreak, citing supply chains for pharmaceuticals, medical supplies, and food. , for being the most affected sectors.

They also argue that the efficiency of supply chains depends on transparency, and support the adoption of distributed ledger technology (DLT) to create a “shared truth” among participants in the chain, the source said.

FEM blockchain tools

The EMF launched the “Redesign of Trust: Blockchain Deployment Toolkit” to help business and government leaders develop supply chain solutions based on blockchain technology that allows them to maximize benefits and minimize associated risks.

The toolkit was developed for over a year and received input from more than 100 public and private entities in 50 countries, including Deloitte, Maersk, the World Bank, and the World Food Program, as noted in the publication.

In relation to this, Nadia Hewett, the blockchain and digital currency project of the FEM USA expressed:

“The blockchain deployment toolkit is essential for designing solutions that work for a multitude of actors, including the smallest, who may not have access to the resources necessary to unlock the value of blockchain technology.”

Blockchain solutions in supply chains developed in the midst of the pandemic

Blockchain technology has been used to generate varied solutions amid the coronavirus pandemic.

In China, blockchain technology was used by a courier company to track critical medical supplies during the coronavirus pandemic, where it is particularly useful for tracing the origin and verifying the quality of medical product supply.

China’s insurance companies also used this technology to process claims and expedite the coronavirus-related paperwork.

On the other hand, mention may be made of the blockchain solution called IBM Rapid Supplier Connect, which was created with the purpose of helping healthcare organizations and government agencies in the United States and Canada to quickly identify new non-traditional alternative providers for Address the shortage of equipment, devices, and supplies necessary for COVID-19 relief efforts.

[Also Read: How Blockchain technology could transform the food industry?]

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