Coca Cola Joins the Blockchain Party

Coca Cola will implement blockchain technology to track the supply chain process in 70 franchise plants worldwide. It will manage 160 000 orders daily.

According to Business Insider, Coke One North America (CONA), the food industry’s giant, has deployed a blockchain solution from the German software maker SAP. CONA will use the supply chain tracking platform for over 70 Coca-Cola company affiliates. By using blockchain, the company expects to reduce the time of application approval from 50 to several days.

“There are a number of transactions that are cross-companies and multi-party that are inefficient. As they go through intermediaries, they are very slow,” a senior manager at Coke One North America Andrei Semenov told Business Insider. “And we felt that we could improve this and save some money.”

The blockchain solution for the supply chain includes order tracking, registration and origin information. The partnership between Coca-Cola and SAP entered the testing phase.

Others are already attending the blockchain party

Today, many companies create blockchain-centered alliances. The Hyperledger project is among the most famous ones. It brought together 193 participants, including SAP, Intel, IBM, CISCO and many other companies from around the world.

In 2018, IBM launched the Food Trust blockchain platform to track the life cycle of food products. Nestlé, Dole Food, Golden State Foods, McCormick, Tyson Foods, Unilever and several others joined the testing. Carrefour, which uses this platform to track supply chain and product safety, is also partaking.

Thus, based on 2019 Deloitte’s global blockchain survey, nearly 1 in 5 companies are currently using blockchain. And more businesses are expected to adopt this transformational technology.

According to the World Economic Forum, by 2027, 10% of global GDP will be directly related to the blockchain.

Why is blockchain so attractive to the manufacturers? Because it accelerates business processes. Moreover, it’s possible to introduce a new business model, which greatly improves the overall security.

Previously, Altcoin Buzz elaborated on blockchain developments in China.

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