Following the COVID-19 outbreak which has posed several disruptions, World Economic Forum informed that the crisis revealed a general lack of connectivity and data exchange within the global supply.
As a result of the pandemic, ports and trade market around global have seen their volumes seriously damaged in particular those in southeast Asia and the West Coast of the US, Los Angeles and Long Beach.
According to WEF:
What has become abundantly clear over the last three months is a general lack of connectivity and data exchange built into our global supply chains. Quite staggering considering the fourth industrial revolution (4IR) era and Internet of Things (IoT) days we are living through.
However, WEF reported that blockchain may be the answer to the supply chain crisis, as technology is already trying to track and trace medical supplies to areas mostly impacted by the pandemic.
Blockchain platforms can improve the transparency of businesses that depend on the seamless integration of disparate networks, COVID-19 has all but wiped them away. We should look at this healthcare crisis as a vital learning curve that can show us how to build transparent, inter-operable and connective networks.
…as WEF added.
Concluding, blockchain is supporting efforts around the globe to battle the virus as is improving the efficiency of movement permits to residents in a near-future of controlled social movement.
