The World Economic Forum to Boost Blockchain Implementation in Supply chain & Logistics Industry

The World Economic Forum (WEF) has recently been involved in the Blockchain implementation by collaborating with leading 100 Supply chain and logistics companies and Individuals.

An Initiative lead by a Swiss Organisation, The World Economic Forum, working to advance the usage of Blockchain for the better state of the world named the vision as “Redesigning the trust with Blockchain in the supply chain,” with phenomenal support from Shippers, Supply chain companies and over 20 governments.

The biggest shareholder group consists of logistics giant Maersk, Japanese consulting firm Hitachi, non-governmental, humanitarian aid organization Mercy Corps, South Korean Tax firm Korea Customs service and Ports of Oakland, Los Angeles, Rotterdam, and Valencia are few unique names which are added.

The primary goal of this project is to influence the Interoperability of blockchain implementations in the logistics and supply chain industries, allowing the public usage of Blockchain technology through a tool kit to get rid of media over advertise attached with Blockchain over the past few years.

Nadia Hewett, Project Lead, Blockchain, and Distributed Ledger Technology, World Economic Forum said in Mid April,

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.

The collaboration among the world’s largest business groups, ICC (the International Chamber of Commerce) and a Singaporean blockchain startup Perlin aims to expedite global blockchain adoption over 45 million companies which include Amazon and Paypal as well.

The supply chain project World Economic Forum “redesigning trust with Blockchain in the supply chain” mainly focuses on implementing blockchain technology to bring transparency and Uniformity in the supply chain industry, making sure that the technology is implemented in a responsible way.

This Initiative brings together the most significant shareholders in the Industry to co-design the frameworks to expedite the usage of Blockchain in port systems. More focus will be on supporting this approach which includes the entire ecosystem and ensures the implementation will benefit the companies.