Coke Bottlers Adopt Blockchain To Manage Supply Chain

Coke Bottlers Adopt Blockchain To Manage Supply Chain
November 7, 2019

 

The cryptocurrency market seems to have lost its momentum again, with Bitcoin (BTC) hovering around $9,300 levels, representing a loss of 0.3% in the past 24 hours. Ether (ETH), native crypto of Ethereum blockchain, has lost 0.7% to trade at $189.03. However, XRP has gained 0.6% to trade at $0.3008. Other major altcoins, which have gained in the past 24 hours include Bitcoin Cash ($297.31, 0.9%), Cardano (ADA-$0.0439, 0.4%), TRON (TRX-$0.0198, 0.3%), Monero (XMR-$63.54, 1.4%), OKB (OKB-$3.42, 5.6%), ChainLink (LINK-$2.67, 0.5%), Huobi (HT-$3.97, 2.1%), Tezos (XTZ-$1.24, 36.5%), IOTA (IOTA-$0.2789, 0.8%,) Litecoin (LTC-$62.85, 0.2%), and Ethereum Classic (ETC-$5.07, 1.0%). Altcoins which have lost ground in the past 24 hours include EOS (EOS-$3.55, -1.3%), Cosmos (ATOM-$3.71, 3.8%), Binance Coin (BNB-$20.51, -0.3%), Dash (DASH-$73.26, -0.8%), LEO (LEO- $0.9803, -1.3%), and Stellar (XLM-$0.0757, -6.4%).

 

Government level initiatives

EU proposes developing its own cryptocurrency

The European Union has issued a draft document that proposes the issuance of its own digital currency. The draft, which is subject to modifications, suggests member states to establish a common strategy for dealing with cryptos, including a ban on high-risk ventures.

If the tabled document is endorsed, which could happen as early as next month, it could have a huge impact on the crypto sector. Firstly, the draft could spark a debate on regulation of cryptos throughout EU. Secondly, as said earlier, the document also supports the idea of introducing digital currency by the European Central Bank. The document states: “The ECB and other EU central banks could usefully explore the opportunities as well as challenges of issuing central bank digital currencies including by considering concrete steps to this effect.”

The draft will be taken up for discussion tomorrow, and opinions related to its adoption will be submitted on December 5th.

 

Turkey president wants the trial for its CBDC completed next year

Turkey’s President Recep Tayyip Erdogan advised the government authorities to complete the trial of national central bank digital currency (CBDC) by next year. The country’s national blockchain-powered digital lira is intended to be unveiled by the Central Bank as per the 2020 Annual Presidential Program, which stipulates the digital lira to be tested and set up by the end of 2020 as per a document released by Turkey’s official national publication Resmi Gazete.

The government also aims to create a software platform that can process digital lira and facilitate immediate payments. Along with the central bank, the venture will also have participation from the national tech innovation agency and Scientific and Technological Research Council of Turkey, also referred to as TUBITAK.

The digital lira plan is an attempt to rejuvenate the local economy. The document issued by the government reads as follows: “The main objective is to establish a financial sector with a strong institutional structure that can respond to the financing needs of the real sector at a low cost, offer different financial instruments to a wide investor base through reliable institutions and support Istanbul’s goal of becoming an attractive global financial center.”

 

Private sector initiatives

Coca-Cola bottlers are making use of blockchain to manage cross-party deals

Coca-cola bottlers have started adopting blockchain technology to oversee their cross-party dealings. The tech company administering IT operations of the soft drink company’s bottlers, Coke One North America (CONA), is utilizing a blockchain platform built by German software enterprise SAP to administer its supply chain.

CONA administers a platform that is used by multiple franchisees to manage almost 160,000 orders of Coca-Cola products daily. Andrei Semenov, senior manager at CONA, explained the need to adopt blockchain technology. “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.”

Through the deployment of blockchain technology, CONA anticipates minimizing the time period of order-reconciliation from approximately 50 days to just a few days. Furthermore, real-time info about the transactions conducted by various bottlers in the network, generating $21 billion in revenue per year, is provided by the aforesaid distributed ledger platform.

 

Cobalt used by Volvo to be tracked via blockchain

Automobile manufacturer Volvo intends to use cobalt used in its batteries to be tracked by a blockchain-based platform. The information was shared while launching the company’s fully electric vehicle model XC40 in October. To achieve the objective, the company has inked an agreement with its battery suppliers – South Korea-based LG Chem and China-based CATL.

Volvo has issued a statement explaining the benefits of blockchain technology in supply chain management: “Blockchain technology, which establishes a transparent and reliable shared data network, significantly boosts transparency of the raw material supply chain as the information about the material’s origin cannot be changed undetected.”

Both suppliers will take care of Volvo’s battery requirements for the manufacture of Volvo and Polestar models in the forthcoming decade while using a blockchain-powered platform to track the raw materials.

With this endeavor, Volvo intends to prove that the raw materials used in the batteries of its electric vehicles are drawn without exploiting children and arrive from war-free zones. Martina Buchhauser, head of procurement at Volvo Cars, explained the benefits of the blockchain platform in supply chain tracking: “With blockchain technology we can take the next step towards ensuring full traceability of our supply chain and minimizing any related risks, in close collaboration with our suppliers.”

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

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Andrew Wright

Prior to founding tradersasset.com in 2014, Andrew worked as a proprietary trader, then as a market maker. As a market maker, he traded options in over 100 stocks, he then began trading currency pairs in 2013. Andrew still actively trades both, and prides himself on educating and informing traders on the benefits of both Binary Options and Forex.


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