Coca Cola To Start Using Blockchain Technology
November 6, 2019 12:51 am
Coca Cola is planning to use blockchain technology to manage its cross-party transactions. According to the report, Coke One North America (CONA) the tech firm that manages IT operations for Coca Cola will be using a blockchain solution developed by German software firm SAP to manage its supply chain. CONA manages a platform to oversee various franchises that manufacture, bottle and ship nearly 160,000 orders of Coca-Cola products daily.
Andrei Semenov, senior manager at CONA said:
“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 felt that we could improve this and save some money.”
Using the blockchain, CONA intends to decrease the duration of order-reconciliation from 50 days to just a few days. An inter-organizational, transparent distributed ledger will provide real-time insights into the transactions made by all the different bottlers on the network, which generates over $21 billion in revenue per year. The manager outlined how a decision was reached regarding the extent and nature of the data deemed necessary to share between franchises.
“There was a negotiation and discussion, getting to a consensus of what data we wanted to share. We started with a huge list of data attributes, and we narrowed it down to the list that everybody agreed on.”