WEF Explains How Blockchain Can Help Calm Global Supply Chain Chaos

As the COVID-19 pandemic brings major economies to their heel under lockdown, there is mounting concern that the global trade and supply chain system could buckle within weeks. Collapsed supply and demand, transport frictions, labor shortages and, in some cases, early signs of protectionism, are making it increasingly tough for suppliers to keep goods and services flowing across global value chains. While the depth of the crisis may be unprecedented, the authors of an April 6 report for the World Economic Forum argue that blockchain technology is key to mitigating the impact of such disruptions. Ziyang Fan, head of digital trade at the WEF, and Rebecca Liao, co-founder and executive vice president of blockchain project SKUChain, claim the technology can provide the supply chain visibility that is critical, both during times of normal production and of crisis.