The company has now implemented blockchain technology, a technology that has moved on from its origins of Crypto.
Coca Cola uses blockchain to track all transactions within the 70 franchises. The blockchain technology has been developed and used by German Software Corporation SAP.
Coke One North America is the tech firm that manages IT operations, platforms and overseas multiple franchises that bottle and ship 160,000 products daily. Senior manager of CONA, Andrei Semenov comments:
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.
With the new technology CONA aims to reduce the duration of order reconciliation from 50 days to just a few. Other benefits will include the use of a distributed ledger that will increase efficiency and transparency.
The technology from SAP is in a pilot phase with Coca-Cola. Other big names are also trialling similar technology with Walmart testing a decentralised goods tracking system and Walmart a member of the Hyperledger Consortium for Blockchain solutions.
Blockchain technology is no longer a secret as many recognise the industry benefits of applying blockchain technology.
Image source by Esquire