Bottlers of Coka Cola to use blockchain technology for managing their cross-party transactions.
Coke One North America (CONA) intends to develop the Blockchain network globally.
On November 5, Coca-Cola became the most advanced company to obtain use for the “highly advertised” technology. CONA announced a partnership with a German software company, SAP Technologies to record its supply chain data on a blockchain platform.
Management of 160,000 orders per day
As per the reports, CONA is responsible to manage multiple franchises that manufacture, bottle and ship around 160,000 order of Coca-Cola products daily.
Senior Manager of CONA, Andrei Semenov, told Business Insider: “There are a number of transactions that are cross-companies and multiparty that are inefficient. They go through intermediaries; they are very slow. And we knew that we could fix this and save some money”.
CONA is all set to reduce the duration of order reconciliation from 50 days to just a few days by using the Blockchain technology. The transparent distributed ledger connecting inter-organizations will provide real-time insights into the transactions done by different bottlers on the network. Collectively, they generate over $21 billion in revenue per year.
Semenov explained how this decision was obtained regarding the extent and nature of the data deemed essential to share between franchises, explaining that:
“There was discussion and negotiation, getting to the consent of what data we wanted to share. We commenced with a huge list of data attributes, and we narrowed it down to the list that everybody agreed on”.
Others companies using Blockchain
Walmart, the retail giant has long been using IBM’s blockchain technology for a variety of supply chain management applications like seafood imports from India.
In 2016 It began its collaboration with IBM on a blockchain-based system that could identify and flag recalled food. Since then Walmart has pursued many blockchains related trails and patents like tracking meat in China, delivery drones, live food and patenting smart deliveries in the United States. It has also executed VeChain’s Thor blockchain to track food in its supply chain in China.