WEF launches blockchain track and trace platform for businesses

The World Economic Forum on Thursday launched the first-ever public blockchain-based platform built to help businesses across industries respond to consumer demands for ethical and environmentally friendly products.

It would be a neutral and safe space for collaboration provided by the World Economic Forum (WEF) and first-movers Everledger, the International Trade Centre (ITC) and Lenzing Group, the Geneva-based organisation said during its 50th annual meeting here.

Joining the open call to pilot and co-design the second phase will be Asia Pacific Rayon (APR), EVRYTHNG and PlataformaVerde.

The WEF said consumers today are more concerned than ever about the social and environmental impacts of the products they purchase.

Almost 90 per cent would like big brands to help them be more environmentally friendly and ethical.

While blockchain technology offers a way to showcase sustainability and environmentally friendly practices, private blockchains do not address rising customer transparency demands, it added.

To date, companies have self-published such data or relied on blockchain solution providers to do so. The pilot platform resulting from this initiative, however, can ingest blockchain-based data from multiple sources and visualise it on a neutral site.