World Economic Forum Teams Up with Port of Los Angeles for Blockchain Deployment
Leaders from the global supply chain and logistics industry, the world’s largest ports, blockchain start-ups, importers/exporters and civil society have teamed up with the World Economic Forum, the International Organization for Public-Private Cooperation, and over 20 governments to accelerate blockchain deployment across supply chains.
“As blockchain technology is so new, supply chain decision-makers need clear guidelines, tools and frameworks to help them maximize the benefits and minimize the risks of this technology,” said Nadia Hewett, project lead, Blockchain and Distributed Ledger Technology, World Economic Forum. “This toolkit will be built by the industry and piloted, so we can see what works and what does not. We are going to piece together the puzzle, so others don’t have to start from scratch.”
Over 100 organizations and experts are on the team, representing large shippers, supply chain providers and governments. They include Maersk, Hitachi, Mercy Corps, Korea Customs Service, Llamasoft and Ports of Los Angeles, Oakland, Valencia and Rotterdam. The multistakeholder group will co-design an open-source roadmap or toolkit to guide supply chain decision-makers towards blockchain deployment. It will highlight technical and non-technical drivers of success, risks and recommendations as well as requirements.
“The project has created a broad and diverse community of stakeholders to share experiences and develop a toolkit for innovators and decision-makers to navigate the complex policy, technical and commercial issues that arise from digital transformation of the supply chain,” said David Libatique, Deputy Executive Director, Port of Los Angeles.
Analysis points to a mindset shift in business from protective and silo-thinking towards a willingness to try new collaborative models. Competing ports have started to share data to optimize calls of shipping liners in the North Europe area. The ports also expressed willingness to expand their model to other ports. Similarly, and beyond the shipping industry, the world’s four largest agriculture companies have partnered to digitize international grain trading.
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