Coca-Cola to Utilize Blockchain Technology
Coca Cola has partnered with software firm SAP to begin utilizing blockchain technology in its supply chain.
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According to a report from Business Insider, technology firm Coke One North America (CONA), which manages IT operations for the soda giant’s bottlers, has partnered with German software firm SAP to utilize blockchain in an effort to increase efficiency.
CONA controls Coca Cola’s platform consisting of approximately 160,000 orders of Coke products every day.
“There are a number of transactions that are cross-companies and multiparty that are inefficient,” stated Andrei Semenov, senior manager at CONA.
“They go through intermediaries; they are very slow. And we felt that we could improve this and save some money.”
Blockchain technology will allow CONA to reduce order time from 50 days down to just a few days.
The distributed ledger will allow for real-time data to be seen by all bottlers on the network, accounting for over $21 billion in revenue per year.
“There was a negotiation and discussion, getting to a consensus of what data we wanted to share,” said Semenov.
“We started with a huge list of data attributes, and we narrowed it down to the list that everybody agreed on.”
Walmart, in partnership with IBM, is turning to blockchain technology to perform a host of supply chain management applications.
In 2016, Walmart and IBM developed a blockchain-based system to identify and flag recalled foods.
The partnership has grown with Walmart now pursuing several blockchain projects including delivery drones, tracking meat in China, live food, and patenting smart deliveries in the United States.
In China, Walmart implemented VeChain’s Thor blockchain for its food supply chain in China.
This September, many international coffee companies combined with Farmer Connect to utilize the IBM Food Trust platform, developing an app that provides customers with statistics and pricing data about coffee products.
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