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World Economic Forum Pushes for Blockchain to Strengthen Global Economy

By Abhimanyu Krishnan | News | 29 Apr 2020

On April 28, the World Economic Forum published a report that endorses the use of blockchain technology to combat the economic damage that the COVID-19 pandemic has wrought on the global economy. 

Headlined as the“Thoughtful blockchain implementation is key to improving supply chains in a post-COVID world”, the non-profit organization highlights the transition to blockchain technology that many businesses are considering in light of supply chain disruption. 

The report also sees the WEF talk about two pilots that have been launched in the Middle East: one with the Abu Dhabi Digital Authority and the other with Saudi Aramco. The two pilots will respectively focus on public infrastructure and the supply chain.

World Economic Forum Accelerating Supply Chain Applications

The WEF has touted the applications of blockchain many times in the past, particularly supportive of supply chain use cases, including traceability, automation and disintermediation. 


Some of the considered applications. Source.

To this end, it had unveiled a blockchain deployment toolkit under the name of the “Redesigning Trust toolkit.” The toolkit provides high-level guidelines for organizations, as well as tools, resources and guidance for businesses to develop and deploy blockchain solutions. The toolkit’s release is the culmination of collaboration with more than 100 organizations in over 50 countries.

Blockchain firm R3 will also work with the toolkit, as “it plans to apply the Toolkit to its proof of concept project leveraging blockchain to complete Pandemic Reinsurance purchases.”

COVID-19 Brings Attention to the Blockchain and Cryptocurrencies

The pandemic has brought much attention to the blockchain technology which, among other things, can improve efficiency in businesses processes by automating processes, while also being effective as a means of distributing funds and regaining trust among the public. 

Cryptocurrencies themselves, as a means of payment and store of value, has also seen greater discussion, with many expounding the need to move to digital payments and an asset class that bears minimal correlation to traditional markets.

Bloomberg published a report recently with the appreciative title of “Bitcoin Maturation Leap”, stating that the asset has already passed the test as a legitimate asset class, one that can provide some safety from the tumbling global economy. It compares gold and Bitcoin, and tentatively suggests that Bitcoin may be on the verge of a bull run that is spurred by the effects of the pandemic. 

Doubts have been raised about the fiscal measures introduced by governments to ease the strain of the virus on businesses, who have shut shop amid a global lockdown. These quantitative easing measures, according to the likes of Binance’s Changpeng Zhao and Billionaire investors Mark Cuban and Tim Draper, could result in Bitcoin gaining in value.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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