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Emerging Technologies

We are accelerating blockchain technology across supply chains

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Emerging Technologies

The impact.

Leaders from the global supply chain and logistics industry, the world’s largest ports, blockchain start-ups, importers/exporters and civil society have partnered with us, and more than 20 governments, to accelerate the use of blockchain responsibly and strategically across supply chains.

Our Redesigning Trust with Blockchain in the Supply Chain project is an initiative to help supply chain decision-makers cut through blockchain hype to ensure the emerging technology is utilized in a secure, responsible and inclusive way that benefits all stakeholders.

What’s the challenge?

Globally, the supply chain industry is fragmented – with many parties operating in silos. Blockchain presents a technology promise that would have far-reaching implications for global trade and supply chains – bringing standardization, alignment and transparency. But, the technology is prone to hype.

Blockchain has the potential to revolutionize a range of sectors where trust is needed among parties with misaligned interests. But it is precisely within these contexts that deploying such a new and complex technology can be the most difficult.

Providing increased efficiency, transparency and interoperability across supply chains has been one of the most fertile areas for blockchain experimentation, illustrating both the opportunities and challenges in realizing the transformative potential of this technology.

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.

Nadia Hewett, Project Lead, Blockchain and Digital Assets, World Economic Forum

Our approach.

Over 100 organizations and experts have joined our project to co-design an open-source toolkit which will streamline the deployment of blockchain throughout a broad and diverse sector.

Our multistakeholder community, representing large shippers, supply chain providers and governments, will design governance frameworks to accelerate the most impactful uses of blockchain in port systems – in a way that is strategic, forward-thinking, and globally interoperable; and by which countries across the economic spectrum will be able to benefit.

Our team will release white papers regularly focusing on the findings from the project community. The recommendations will include guidelines on data privacy, security, creation and use of data, public versus private platforms, interoperability, digital identity and signatures. Supporting an approach that considers the entire ecosystem promises to ensure an inclusive perspective and result that will benefit all stakeholders.

Companies and governments can adopt the Forum’s framework which has been piloted in multiple industries, geographies, and use cases – including with partners representing 85% of the world’s cocoa supply chain, Hitachi executives, 60 transport ministers from across the world, and with 30+ organizations from the United Arab Emirates blockchain ecosystem through a new Blockchain Governance Accelerator in collaboration with C4IR United Arab Emirates.

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How can you get involved?

The World Economic Forum’s project, Redesigning Trust: Blockchain for Supply Chains, is the work of our Centre for Financial and Monetary Systems. Your company can join our efforts to streamline new and complex technologies like blockchain, helping to revolutionize sectors and ecosystems and build trust globally.

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