Coca-Cola now uses blockchain technology for part of its supply chain. SAP developed a blockchain that would make the supply chains of companies more efficient. Business Insider reported on the new solution that Coca-Cola is working with on 4 November.
More than 70 Coca-Cola franchises can now use the new blockchain solution developed by SAP. All transaction data is encrypted but visible for all franchises stored in the blockchain.
The advantage of this is that everyone who has access to the blockchain can view the transactions within the supply chain. An American company, Coke One North America, which organizes hundreds of thousands of orders between 12 suppliers within the Coca-Cola supply chain states the following:
There are a number of transactions between companies and several parties that are inefficient. They go through intermediaries; they are very slow. And we thought we could improve this and save money,
Says Andrei Semenov, manager at Coke One North America. Blockchain technology is perfect for making supply chains more efficient and reliable. For example, there are a large number of companies worldwide that are investigating the technology or are already using it.
Last July, Nestlé announced that it would be running a pilot to test blockchain technology for its supply chain. In October it was also announced that Walmart is following Indian shrimp using the technology.
IKEA is also researching the technology. The Swedish company tested the technology for handling invoices in October using the Ethereum blockchain. In short, many mega-groups in the world seem to be using blockchain sooner or later.