The World Economic Forum (WEF) believes the COVID-19 pandemic has demonstrated the vulnerabilities of current supply chains and sees the opportunity for blockchain "to boost efficiencies and strengthen trust across a range of stakeholders."
As organizations quickly integrated the new technologies, the crisis has highlighted the need for both rapidity and clarity in implementations, the WEF added in an official announcement.
Uninterrupted supply chains have never been more critical than now, the organization states.
The WEF also announced it will soon add other initiatives like R3 to the Blockchain Deployment Toolkit, a set of high-level guidelines documenting tested best practices to address the issues that arise in blockchain implementation projects.
"Speed and clarity in blockchain implementation, always important, will be all the more critical during the immediate future as organizations tackle the health crisis," the WEF highlighted.
Last year, the WEF identified over 40 central banks around the world who are experimenting with or considering the possibility of developing their own central bank digital coin (CBDC).
The organization's report has shown that central bank digital coins will increase the efficiency and speed of transactions.
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