World Economic Forum Officially Supports Blockchain Tech, 20 Governments Involved

The World Economic Forum (WEF) has published a press release that reveals their intention to promote blockchain technology in the supply chain industry, and join cooperation with several partners to that end.

The WEF, along with International Organization for Public-Private Cooperation and 20 governments, are working together to expedite the implementation of blockchain solutions. The release reads,

Leaders from the global supply chain and logistics industry, the world’s largest ports, blockchain start-ups, importers/exporters and civil society have teamed up with the World Economic Forum, the International Organization for Public-Private Cooperation, and over 20 governments to accelerate blockchain deployment across supply chains.

The list of participating entities is impressive. The release mentions some and the path forward,

Over 100 organizations and experts are on the team, representing large shippers, supply chain providers and governments. They include Maersk, Hitachi, Mercy Corps, Korea Customs Service, Llamasoft and Ports of Los Angeles, Oakland, Valencia and Rotterdam. The multistakeholder group will co-design an open-source roadmap or toolkit to guide supply chain decision-makers towards blockchain deployment. It will highlight technical and non-technical drivers of success, risks and recommendations as well as requirements.

Nadia Hewett, project lead, Blockchain and Distributed Ledger Technology at the World Economic Forum, said that the goal was to get industry insiders to see how maximum benefits could be gained,

As blockchain technology is so new, supply chain decision-makers need clear guidelines, tools and frameworks to help them maximize the benefits and minimize the risks of this technology. This toolkit will be built by the industry and piloted, so we can see what works and what does not. We are going to piece together the puzzle, so others don’t have to start from scratch.

The WEF released a report earlier this year that showed that over 40 central banks across the world where either conducting deep research into Distributed Ledger Technologies (DLTs) or implementing some form of it.