American multinational company Coca-Cola adds itself to the list of major corporations to embrace Blockchain Technology. The Alabama based manufacturer, marketer, and retailer of nonalcoholic beverages are using the Distributed Ledger Technology to increase efficiency and transparency of their supply chain.
In a recent report, it was mentioned that Coca-Cola’s bottlers are now using Blockchain to keep a track of every transaction that happens within the seventy franchises.
One of the most effective use cases of Blockchain technology in supply chain management. It makes it easy for corporations to track their goods and payments across various phases of manufacturing, packaging, and distribution.
Most major conglomerates control their internal supply chain, however, it becomes quite perplexing to deal with vendors. Let’s take Coke One North America or CONA as an example. It collaborates with twelve of the largest bottlers for the distribution of Coke products. They take care of more than a hundred and sixty thousand orders regularly.
The implementation of Blockchain will increase the transparency and efficiency of the colossal supply chain of Coke One North America. They intend to reduce the time taken for order-reconciliation. What used to take up to months will now be completed in days, as all transactions will be available in the distributed ledger to bottlers for reference and access.
Andrei Semenov, the senior manager at Coke One North America commented,
” There are several transactions that involve cross-companies and multiple parties. They go through intermediaries and are very slow. And we felt that we could improve this and save some money,”
He claimed, that the success of the pilot program that has been expanded to all the franchises, can lead to future collaboration between Coca-Cola and other major corporations like Target and Walmart.