Blockchain, a solution to global crises like the Covid-19

Crises like that of Covid-19 put pressure on supply chains of the whole world. The resilience of these supply chains is therefore based on transparency and integrity, fostered by blockchain. The World Economic Forum delivers a blockchain toolkit to leaders.

The coronavirus has affected supply chains around the world, paralyzing or slowing global economic activity. The resilience of these supply chains is therefore a priority for States in times of crisis.

For the World Economic Forum, this resilience depends on two main factors: transparency and integrity. These two essential characteristics "can be improved by the responsible deployment of blockchain technology. "

Covid-19, revealing the fragility of supply chains

In order to allow business leaders and political decision-makers to appropriate the blockchain, WEF delivers a toolbox or "toolkit". Its purpose: to provide advice for the development and deployment of new blockchain solutions.

The blockchaina priority when states are grappling with serious health issues? This is indeed the opinion of the independent organization based in Switzerland. According to her, the Covid-19 pandemic highlights "an urgent need for global cooperation." "

For example, the "current pandemic highlights the need for businesses and governments to improve the integrity and provenance of pharmaceuticals and medical supplies, as well as food, industrial and consumer goods and products." "

The blockchain intervenes in this context by bringing a “shared trust” between the actors of the supply chain. The WEF toolbox is therefore a guide to deploying the blockchain between multiple actors, including small and medium-sized businesses.

Prepare for the next crisis and accelerate economic recovery

For Nadia Hewett, blockchain and digital currency manager at the World Economic Forum, the crisis may be the opportunity to develop projects based on this technology. "There are many lessons to be learned from the current pandemic and this toolkit is a starting point for improving long-term pandemic preparedness and accelerating economic recovery led by public-private cooperation, ”she insists.

In fact, several blockchain-based initiatives emerged during the Covid-19 crisis, particularly in the area of vaccination. Gavi, the Vaccine Alliance, is studying how technologies like blockchain can help resilience of essential vaccine supply chains.

The exploration of blockchain in the maritime sector however, predates the pandemic. It supports the growing digitization of the sector, as explained by the director of the Singapore port authority, Quah Ley Hoon.

Blockchain has considerable application potential in areas such as waybills, tracking of goods and trade finance. Maritime Singapore has experimented with blockchain technology in electronic waybills used by shippers and shipping companies, as well as in the process of registering ships between classification societies and shipowners, ”he explains.