Coca Cola has decided to exploit the potential of decentralized finance (DeFi) at Ethereum to improve the bottling supply chain.
New Coca Cola project in DeFi
Yesterday, a new project was announced by Coca Cola that will place CONA Services (Coke One North America), the IT (Information Technology) platform for the Coca Cola bottling business, within the world of DeFi.
The objective of the project will be to establish a “Coca Cola Bottling Port” to reduce technical barriers for suppliers.
Basically, it was in 2019 when the first set of North American Coca Cola bottlers adopted the Hyperledger Fabric Blockchain platform.
However, CONA now wants to extend the use case of the internal network to a wider audience.
So, the project, enabled by The Baseline Protocol, will allow companies to not only communicate and conduct private transactions on the Ethereum Blockchain, but also access DeFi applications and tokenize assets.
In this sense, it is desired to establish a “Low barrier network joining process for Coca Cola bottling providers”.
For those who don’t know it, The Baseline Protocol was launched in March 2020 by Ernest & Young, Microsoft, and ConsenSys with the goal of empowering companies to adopt the Ethereum Blockchain.
So, in essence, The Baseline Protocol provides a number of tools for business transactions, smart contracts, and communications to remain private as companies use the Ethereum Blockchain.
DeFi has become one of the most relevant trends in finance. For those who don’t know, DeFi relies on platforms that eliminate human intermediaries and paperwork, and replace them with Smart Contracts.
What is interesting is that it has been a sector with extraordinary growth. So much so that it has even led many to consider that a bubble could be being generated.
Especially since there is a relative ease with which new products and services can be created and offered. Which, ultimately, dramatically reduce friction in finance.
In this sense, Coca Cola joins this trend by seeking to reduce technical and cost barriers to entry for bottling suppliers.
Basically, processes are automated that minimize errors and facilitate the integration of minor providers with the network.
So Coca Cola joins companies that have decided to exploit DeFi’s potential on Ethereum.