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Blockchain tech can tackle supply chain failures: WEF

The World Economic Forum (WEF) stated on Tuesday, while releasing the ‘blockchain deployment toolkit’, that blockchain technology can tackle supply chain failures that have surfaced amidst the COVID-19 pandemic. The kit has been designed to help organisations improve future pandemic preparedness and accelerate an economic rebound post COVID-19.

“The blockchain deployment toolkit is essential for designing solutions that work for a multitude of actors, including smaller players who may not have access to the resources required to unlock the value of blockchain technology. For this reason, the toolkit can level the playing field for small and medium-sized enterprises,” stated Nadia Hewett, Blockchain and Digital Currency Project Lead, WEF USA.

The Geneva-based WEF observed that the coronavirus pandemic has dramatically increased the pressure on governments and businesses to maintain resilient supply chains. It further added that such unprecedented times call for an urgent need for global cooperation to maintain and strengthen the resilience of international supply chains.