World Economic Forum proposes blockchain tool-kit to fix broken food supply chains

posted 7 months ago
Supply chain issues have been exposed due to COVID-19. Blockchain is being considered as a potential solution, blockchain is defined as the accounting technology behind Bitcoin that lets strangers do business with each other without sharing their personal information and that can prove a digital object is only in one place at a time.

Since COVID-19 hit, the aging supply chain infrastructure was made painfully evident. The WEF released its findings today ‘Redesigning Trust: A Blockchain Deployment Toolkit,” the project is the result of interviews with 80 public and private companies and 20 governments to extract what project head Nadia Hewett, describes as “nascent insights and failures” of some of the largest projects ever launched in blockchain.

The tool-kit details a step-by-step process for how to assemble an ecosystem of participants that will all benefit from moving some process to a shared, distributed ledger, and how to solve both technical and non-technical problems. In addition to providing real-time information about where supplies might be bottle-necking, or to anticipate shortages before they occur, the report cites increased certainty for every member of a supply chain that the food was always at the legally required temperature, even when it was out of the control of any single member’s control.
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