World Economic Forum Teams With Over 100 Organizations On New Blockchain Project

Blockchain, News | May 8, 2019 By:

Swiss not-for-profit organization the World Economic Forum (WEF) is working with over 100 organizations to accelerate blockchain deployment across supply chains.

Founded in 1971, the WEF primarily focuses on developing entrepreneurship and corporate governance system throughout the world. It conducts various programs and events focusing on health, agricultural trade, corporate governance, social investing, global competitiveness, energy, and pension reforms.

In its announcement, the WEF said that it has partnered with leaders from the global supply chain and logistics industry, the world’s largest ports, blockchain startups, importers/exporters, civil society as well as government organizations to develop an open-source toolkit to cut through the hype and ensure that blockchain is deployed in an interoperable, responsible and inclusive way. The initiative, called Redesigning Trust with Blockchain in the Supply Chain, will reportedly highlight technical and non-technical drivers of success, risks and recommendations as well as requirements.

The initiative invloves over 100 organizations and experts, including Maersk, Hitachi, Mercy Corps, Korea Customs Service, Llamasoft and Ports of Los Angeles, Oakland, Valencia and Rotterdam. The team will be releasing monthly white papers on the findings from the community, which will include guidelines on data privacy, security, creation and use of data, public versus private platforms, interoperability, digital identity and signatures.

“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,” said Nadia Hewett, project lead, Blockchain and Distributed Ledger Technology, World Economic Forum. “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 project has created a broad and diverse community of stakeholders to share experiences and develop a toolkit for innovators and decision-makers to navigate the complex policy, technical and commercial issues that arise from digital transformation of the supply chain,” said David Libatique, Deputy Executive Director, Port of Los Angeles.