The Covid-19 pandemic, which has swept across many cities in the world, has made different leaders seek out new technologies that will help to manage the economic crisis that is looming in some countries already. This quest for an innovative solution has prompted the World Economic Forum to present blockchain as a panacea for supply chain disruptions.
The WEF examined the supply chain management disruption that most countries(where there are strict restrictions of movement) are experiencing. In a recent report, they reviewed the administration of public and private blockchain, scenario analysis, case study implementations, data compatibility across chains, and other FAQs. The report is structured to be a toolkit on how best to apply blockchain technology in different scenarios.
When was this toolkit developed
The group developed the tool kit about a year before the current crisis, but had not yet published it. According to Nadia Hewett, a member of the forum, and digital currency lead, they released the tool kit ahead of schedule, because they wanted to present a technological solution that institutions can adopt as they manage the times of crisis.
He also stated that the blockchain technology would help to reduce the incidence of fraud in the supply chain of medical necessities, as there are a lot of fake/substandard supplies on the internet, which is difficult to trace. A lot of individuals and health institutions have fallen prey to these kinds of scams, wasting scarce resources at this crisis time.
To have a robust guide, the group compiled the report with the inputs of stakeholders in the public and private sectors. While noting the way some regulators have responded to blockchain technology and cryptos, he encouraged regulators to be swift in accessing the impact of change, as the times are very dynamic.
Source:Coindesk
