The World Economic Forum wants to "restart" the economy with the help of blockchain

Participants of the World Economic Forum are confident that blockchain technology will help the global economyget out of the crisis.

April 28 World Economic Forum (WEF)published a report stating that the introduction of blockchain solutions can solve the problem of supply chain inefficiencies that were discovered during the COVID-19 pandemic. The report indicated that the supply chains of pharmaceutical products, medical supplies and food products in the most affected regions could not cope with their tasks.

Forum participants argue that the effectiveness of supply chains directly depends on transparency, which is why blockchain is currently considered the best solution to this problem.

In addition, WEF introduced a set of toolsdesigned for the use of blockchain technology by enterprises and governments. The toolkit has been developed for over a year. 100 public and private organizations from 50 countries took part in its creation – their list includes Deloitte, Maersk, the World Bank and the World Food Programme. 

WEF spokeswoman Nadia Hewitt said:

A set of tools for implementing the blockchain will help not only governments, but also small enterprises that may not have the resources necessary to start working with blockchain technology.

Over the past couple of years, many companies have becometrack supply chains using blockchain. This week it was revealed that Swedish clothing retailer H&M is partnering with VeChain to track shipments.

Last year, Swiss food retail giant Nestlé also announced its intention to track its products with blockchain technology.

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Based on materialscointelegraph.com