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World Economic Forum: a toolkit to use the blockchain
World Economic Forum: a toolkit to use the blockchain
Blockchain

World Economic Forum: a toolkit to use the blockchain

By Eleonora Spagnolo - 28 Apr 2020

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The World Economic Forum has published a report and a toolkit on how the blockchain can be used to get out of the Coronavirus emergency, particularly with regard to supply chains. 

“Redesigning Trust: Blockchain Deployment Toolkit”, this is the title of the document which is a comprehensive instruction manual on the blockchain. 

This kit was created to help organizations develop and deploy blockchain solutions after examining and analyzing real projects and use cases. The organizations that will use it will have at their disposal tips to implement the so-called “best practices” by circumventing possible obstacles.

The toolkit is the end of a year of work involving more than 100 players. A total of 80 companies have been involved, 40 use cases are described, 20 governmental entities, divided into 50 states on six continents. 

The World Economic Forum’s Blockchain Deployment Toolkit

The toolkit is divided into 3 sections that include a total of 14 modules (in addition to the introduction):

  • Ecosystem
  • Consortium Formation
  • Consortium Governance
  • Digital Identity
  • Interoperability
  • Structure: Public/Private
  • Data Protection
  • Data Integrity
  • Personal Data Handling
  • Cybersecurity
  • Legal & Regulatory Compliance
  • Tax Implication
  • Financial Reporting and Controls
  • Risk Factor

In its premise, the report highlights how blockchain technology can be particularly useful at this stage when the Coronavirus emergency has increased the need for a serious and reliable supply chain. 

The pandemic has made it clear how necessary it may be for companies and governments to be certain of the integrity and provenance not only of pharmaceuticals and medical devices, but also of food and goods to industries and consumers. 

However, the implementation of this new technology may cause concern for those unfamiliar with it. 

This is why the toolkit modules explore even the most sensitive areas such as cybersecurity and personal data. 

Nadia Hewett, Blockchain and Digital Currency Project Lead, World Economic Forum USA, said:

“The blockchain deployment toolkit is essential for designing solutions that work for a multitude of actors, including smaller players who may not have access to the resources required to unlock the value of blockchain technology. For this reason, the toolkit can level the playing field for small and medium-sized enterprises. There are many lessons to learn from the current pandemic and this toolkit is a starting point for improving long-term pandemic preparedness and accelerating an economic recovery led by public-private cooperation”.

The toolkit was developed by the World Economic Forum together with the Fourth Industrial Revolution Network Fellows of Hitachi, Deloitte and Saudi Aramco. Contributors include: Centre for the Fourth Industrial Revolution UAE, Port of Los Angeles, Latham & Watkins, Cardiff Business School, University of Berkeley, Tech Mahindra, Maersk Angola, World Bank, Inter-American Development Bank, World Food Program. 

With this project, the World Economic Forum once again demonstrates its interest in blockchain technology. Only a few weeks ago, in fact, the blockchain was proposed as a solution to guarantee the confidentiality of data and have clear and certified information on products. 

The toolkit is a practical demonstration of how this can be achieved within the supply chain.

 

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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