World Economic Forum launches blockchain-based supply chain traceability platform
Fri, 24 Jan 2020, 09:22 am UTC
The World Economic Forum (WEF) has announced a new blockchain-based supply chain traceability platform.
The platform has been developed in collaboration with Everledger, Lenzing Group, TextileGenesis, and the International Trade Centre. The pilot platform is hosted on the ITC’s neutral site.
The WEF said that it is “the first neutral and public traceability platform capable of visualizing blockchain-based supply chain data from multiple companies and sources.”
16% of global GDP comes from manufacturing and production. Here’s how we’re making these valuable supply chains more sustainable and transparent: https://t.co/pTFpuF8X9z #wef20 @ITCnews @everledgerio @LenzingGroup #TextileGenesis pic.twitter.com/tgMB2gLoAS— World Economic Forum (@wef) January 23, 2020
The forum said that blockchain technology has the potential to mitigate the economic, social and environmental risks presented by the complex network of supply chains in the manufacturing and production sectors. The technology can help enhance transparency and traceability, thereby creating more efficient and sustainable supply chains.
“The simulated environment enables the cross-reference of supply chain information such as product origin and characteristics, which can potentially solve numerous use cases in complex supply chains, involving many different participants. In addition, information on transfer of ownership can also flow seamlessly among the members of the consortium, in a secure, immutable and private distributed ledger,” Everledger CEO Leanne Kemp explained.
The WEF is seeking to include more companies on the platform. According to a report from the PTI, Asia Pacific Rayon (APR), EVRYTHNG and PlataformaVerde are joining the initiative to pilot and co-design the second phase.
Just recently, the WEF officially unveiled its CBDC Policy-Maker Toolkit to provide high-level guidance and information to central bank policy-makers for the deployment of central bank digital currencies (CBDCs).
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