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26 January 2022
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Blockchain can help with supply chain transparency during COVID-19 crisis

Ziyang Fan, WEF’s digital business head and Rebecca Liao, executive vice president of Skuchain enterprise, said in a blog post that many companies have lost control of the supply chain due to the crisis. They hope to get a clearer picture of the chain using blockchain.

Many companies only have direct contact with their suppliers, so the knowledge often stops there, according to the blog writer. Companies that are higher up in the chain are unknown to many companies at the end of the chain.

Fan and Liao wrote that a blockchain can offer a lot of added value, it would provide more transparency and not damage internal privacy. And solid blockchain could also make it possible to obtain information from companies higher up in the chain.

“Blockchain technology is ideal for the exchange of sensitive information. In this way, confidential information can be reliably shared with suppliers and other parties. Mutual transactions can also be done without the intervention of a third party or a direct relationship between companies. ” Fan and Liao wrote.

According to Fan and Liao, digitization is a good partial solution to the current crisis. Digitization not only makes information a lot more accessible than paperwork, but also a lot easier in this digital age. The parties that use such blockchains are also much better off than the parties without.

Blockchain technology offers many opportunities for data portability and is a good tool for fighting the corona virus. In South America, corona infections are recorded to help better understand the spread of the virus.

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