Blockchain technology can tackle supply chain failures exposed by COVID-19, boost economic recovery: WEF

Blockchain technology can help tackle supply chain failures exposed by the COVID-19 pandemic and also boost the economic recovery process, the World Economic Forum (WEF) said on Tuesday. Releasing a ‘blockchain deployment toolkit’ to help organisations improve future pandemic preparedness and accelerate an economic rebound post COVID-19, Geneva-based WEF said it is aimed at helping leaders maximise the benefits and minimise the risks of the technology.

The WEF, which describes itself as an international organisation for public-private partnership, said crises such as the coronavirus pandemic dramatically increase pressure on governments and businesses to maintain resilient supply chains.

“The pressure created by the COVID-19 outbreak on global trade systems highlights an urgent need for global cooperation to maintain and strengthen the resilience of international supply chains,” it said.