Amid the global crisis generated by the spread of Covid-19, an increasing number of large and medium-sized companies in Singapore are promoting dozens of programs based on blockchain technology to boost their supply chains.
“We see an acceleration of digitalisation in Maritime Singapore, which has improved productivity and efficiency of the sector,” said Quah Ley Hoon, executive director of the Singapore Maritime and Port Authority.
“Blockchain has tremendous potential applicability in areas such as bills of lading, cargo-tracking and trade financing,” added Hoon.
In this context, the World Economic Forum considers the adoption of this technology important to generate a global economic impetus after the pandemic.
A recent report by the agency examines how the deployment of blockchain-based solutions can cope with supply chain inefficiencies and failures that the COVID-19 pandemic has revealed.
The document also emphasizes a series of recommendations with the aim of offering help to governments and companies to adapt their supply chains to the current economic landscape.
Research published April 28 claims that, the resilience of private and public supply chains has been tested amid the coronavirus outbreak; supply chains of pharmaceutical products, medical supplies and foods are mentioned among the most affected sectors.
The report argues that the efficiency of supply chains depends on transparency, and the adoption of distributed ledger technology (DLT) is advocated to create a “common truth” among stakeholders in the supply chain.