Blockchain technology – a real boon to supply chain organisations – is gaining in more focus because of the ongoing Covid-19 pandemic which has impacted businesses and organisations world over due to a variety of issues.
As a solution, the World Economic Forum (WEF) in collaboration with the Centre for the Fourth Industrial Revolution UAE and Dubai Future Foundation (DFF) recently released a comprehensive blockchain toolkit – Redesigning Trust: Blockchain Deployment Toolkit.
The kit, developed through deep analysis of projects and cases of over 100 blockchain stakeholders from 60-plus public-private sector entities across world, offers industry-tested solutions to organizations. It also contains invaluable contributions by DFF and WEF Centre for the Fourth Industrial Revolution UAE in terms of futuristic inputs and feedbacks.
Commenting on the toolkit’s release, DFF Deputy CEO and Chief Operating Officer Abdulaziz Al Jaziri said DFF’s contributions to the kit would greatly benefit decision-makers, entrepreneurs and businesses in defining their future strategies. The pivotal role played by DFF, according to Al Jaziri, exemplifies how its expertise directly contributed to path-finding and solutions-oriented approach to major global issues and provided opportunities beyond Dubai and the region.
DFF and WEF Centre for the Fourth Industrial Revolution UAE with the Abu Dhabi Digital Authority had earlier trialed the toolkit for real-world feedback on its use and effectiveness aligning with blockchain infrastructure development strategy. The insights gained were later incorporated in the final publication.
The UAE and DFF, notably, also played crucial research roles in a white paper – Inclusive Development of Blockchain: Case Studies and Learning from the United Arab Emirates – as part of formulating the toolkit. The paper authored by WEF Centre for the Fourth Industrial Revolution UAE linked blockchain deployment challenges to operational and regulatory uncertainties. The key challenge, the paper asserted, revolved around providing supportive structures for the sustenance of blockchain technology and not in identifying the right technology.
Project Manager WEF Centre for the Fourth Industrial Revolution UAE at DFF Mariam Al Muhairi said supply chains were badly impacted by Covid-19 due to lack of transparency, visibility and traceability of goods. “Moving forward, there must be an emphasis on rebuilding global trade and networks by learning and putting into practice the lessons emerging from this pandemic,” opined Al Muhairi.
WEF Blockchain and Digital Currency Project Lead Nadia Hewett appreciated WEF Centre for the Fourth Industrial Revolution UAE and DFF for driving inclusive deployment of blockchain technologies and for sharing tried-and-tested lessons and best practices to benefit all. “When developing governance for emerging technologies, exchange of knowledge and need for collaboration is the key. The UAE played a key role in shaping the toolkit,” Hewett acknowledged.
