Switzerland-based World Economic Forum has today released a report that advocates for the deployment of blockchain technology to real-world problems most notably the global supply chain.
Complementing the report is a blockchain deployment toolkit the forum aptly titled “Redesigning Trust: Blockchain Deployment Toolkit.” The WEF believes that distributed ledger technology is the best solution to handling trust problems that have often faced supply chain partners.
The toolkit, according to the report is now available to any interested public and private company or organization intending to deploy blockchain technology.
Released in a time that the world grapples with an unrelenting virus that has caused a pandemic, the Forum believes that the toolkit will help institutions recover and streamline their operations.
The toolkit was “developed through lessons from and analysis of real projects, to help organizations embed best practices and avoid possible obstacles in deployment of distributed ledger technology.”
The biggest challenge to deploying a nascent technology is gauging the risks and opportunities of adoption and the toolkit, at 244 pages addresses these two aspects with exceptional details.
The WEF reports that it undertook thorough research lasting more than a year before the onset of the Coronavirus. As part of the research, the Forum consulted with over 80 companies and 20 governments on more than 40 blockchain use cases. The data represents feedback from more than 50 countries which makes any recommendations in the report all the more encompassing and relevant to a wider audience.
“Organizations can use the toolkit to support more responsible blockchain deployments, de-risk early adoption, and ensure careful consideration of unintended consequences,” the Forum reports.
Nadia Hewett, the head of blockchain at the WEF and one of the authors of the report says that the “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.”
The idea behind the development of the toolkit is just to offer interested parties the research and deployment suggestions on undertaking a project in the blockchain field.
The authors acknowledge that the toolkit is not the answer to all questions but it certainly will save some entities the trouble of undertaking a similar research exercise.
This should hopefully cut down on the deployment process by cutting back on the resources needed as well as the time it would have taken to launch a blockchain project.
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