WEF Releases a Blockchain Deployment Toolkit for Future Pandemic Preparedness and Accelerated Economic Rebound Post COVID-19

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[PRESS RELEASE GENEVA, SWITZERLAND, APRIL 28, 2020] 

The pressure created by the COVID-19 outbreak on global trade systems highlights an urgent need for global cooperation to maintain and strengthen the resilience of international supply chains.

To help organizations improve future pandemic preparedness and accelerate an economic rebound post COVID-19, the World Economic Forum is releasing the Redesigning Trust: Blockchain Deployment Toolkit which enables leaders to maximize the benefits and minimize the risks of the technology. Resilience in supply chains depends on trust, transparency and integrity, which can be improved through the responsible deployment of blockchain technologies that offer a “shared truth”.

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The current pandemic underscores the need for businesses and governments to improve the integrity and provenance of pharmaceutical products and medical supplies, as well as food, goods and industrial and consumer products.

The first of its kind toolkit is the culmination of more than a year of efforts to capture best practices from blockchain deployment across industries. Drawing on the global expertise of more than 100 organizations – including governments, companies, start-ups, academic institutions, civil society, international organizations and technology and supply chain experts – the toolkit helps companies manage the complexities of deploying this new technology and will accelerate its positive impact.

The toolkit (linked below) includes the following modules:

  • Introduction – The foundations of blockchain deployments and design principles
  • Ecosystem – Blockchain collaboration models, typical roles & governance
  • Consortium Formation – Consortia landscape, elements, deliverables & business models
  • Consortium Governance – Organizational structure, IP, risk management & dispute resolutions
  • Digital Identity – Building, identifying and designing roles. Process & governance
  • Interoperability – Fundamentals, requirements & approaches to interoperability
  • Structure: Public / Private – Choosing a chain strucuture & navigating decision making
  • Data Protection – Protecting commercially sensitive data and technology solutions. A manufacturing conglomerate case study
  • Data Integrity – The data pipeline creation to confirmation, solutions, assurances, and correspondence
  • Personal Data Handling – GDRP applicability, obligations, and compliance approaches
  • Cyber-Security – Fundamentals, risk management & blockchain secure deployments
  • Legal & Regulatory Compliance – Understanding nature of blockchain transactions & network jurisdictional issues
  • Tax Implications – Tax considerations of blockchain solutions & digital assets
  • Financial Reporting & Controls – Relevance of financial reporting, design & deployment considerations
  • Risk Factors – Identifying blockchain-related risks & risk identification checklist

The toolkit has been piloted in a variety of different contexts by organizations developing blockchain solutions within their supply chains, including the Abu Dhabi Digital Authority, Hitachi, Saudi Aramco as well as a number of SMEs.

The toolkit was created by the World Economic Forum with:

  • The Centre for the Fourth Industrial Revolution Network Fellows from Hitachi
  • Deloitte
  • Saudi Aramco

Among the many others who contributed to its development, in over 50 countries, were:

  • The Centre for the Fourth Industrial Revolution UAE
  • The Port of Los Angeles
  • Latham & Watkins
  • Cardiff Business School
  • University of Berkeley
  • Tech Mahindra
  • Maersk Angola
  • World Bank
  • Inter-American Development Bank
  • The World Food Program

The case for blockchain is stronger as the COVID-19 pandemic underscores the need for more resilient global supply chains, trusted data and an economic recovery enabled through trade digitization.

 

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