World Economic Forum Turns to Blockchain Technology for Supply Chain Management
The World Economic Forum (WEF) is turning to blockchain technology to help supply chain management amid the COVID-19 pandemic.
Blockchain enterprise firm Scuchain vice president Rebecca Liao and WEF Head of Digital Trade Ziyang Fan claim the recent coronavirus pandemic has forced many companies to change supply chain practices and reiterated “the need to obtain more visibility across the chain.”
Liao and Fan argue that blockchain technology would enhance transparency while maintaining corporate privacy.
“Blockchain is the ideal technology to ensure that data on performance and risk, which underpin all supply chain finance transactions, can be shared in an authenticated manner with financiers and other parties to a transaction, even when there is no direct relationship between them,” the authors wrote.
According to Liao and Fan, digitized supply chain archives are much more accessible than paper copies, especially amid a global pandemic where stay-at-home orders are common.
Digital-first companies and governments “are dealing with the supply chain disruptions much better than those without,” they wrote.