Representatives from the global supply chain and logistics industry, the world’s largest ports, blockchain start-ups, importers/exporters and civil society collaborated with the World Economic Forum, the International Organization for Public-Private Cooperation, and over 20 governments to accelerate blockchain deployment across supply chains.
Up to now, the supply chain industry is fragmented, as those participating are adopting a siloed approach.
As Amanda Russo, Public Engagement Lead, World Economic Forum, noted, blockchain and distributed ledger technology (DLT) could bring standardization and transparency, but this nascent technology is prone to hype.
The World Economic Forum launched the Blockchain in the Supply Chain project in order to assist supply chain decision-makers come through the blockchain hype and ensure that the technology is used in an interoperable, responsible and inclusive way.
More than 100 organisations and experts are on the team and represent large shippers, supply chain providers and governments, such as Maersk, Hitachi, Mercy Corps, Korea Customs Service, Llamasoft and Ports of Los Angeles, Oakland, Valencia and Rotterdam.
The team will design an open-source roadmap or toolkit to guide supply chain decision-makers towards blockchain deployment.
It will highlight technical and non-technical drivers of success, risks and recommendations as well as requirements.
Nadia Hewett, project lead, Blockchain and Distributed Ledger Technology, World Economic Forum commented
As blockchain technology is so new, supply chain decision-makers need clear guidelines, tools and frameworks to help them maximize the benefits and minimize the risks of this technology. This toolkit will be built by the industry and piloted, so we can see what works and what does not.
Moreover, David Libatique, Deputy Executive Director, Port of Los Angeles, noted that the project created a variety of stakeholders enabling them to share experiences and develop a toolkit for innovators and decision-makers to navigate the complex policy, technical and commercial issues that arise from digital transformation of the supply chain.
Mrs Russo highlighted that the Forum will be monthly publishing white papers based on the community’s findings. The recommendations will include guidelines on data privacy, security, creation and use of data, public versus private platforms, interoperability, digital identity and signatures.
Supporting an approach that considers the entire ecosystem promises to ensure an inclusive perspective and result that will benefit all stakeholders.
Hewett concluded that
As digital technologies such as blockchain increasingly encourage higher levels of trust among supply chain partners, they will have effects on processes in the physical world as well. As a result, fragmentation within and across industries could diminish, the occurrence of errors and exceptions could decline, and operators could require fewer resources to complete the same tasks.
