In NorthAmerica, the Coca-cola bottling firm has begun using Ethereum blockchain to test the decentralized finance (DeFi) ecosystem.
The project, which was announced on Monday, would enable Coke one North America (CONA) who are the tech partners of the bottling firm to reduce technical obstacles for the suppliers.
CONA, through the Baseline Protocol, a middleware solution for big firms, allows Coca-Cola to communicate and transact on the Ethereum blockchain with access to DeFi apps and tokenized assets.
Coca-Cola Ethereum DeFi test
The Ethereum DeFi test project allows top secret and complex collaboration among enterprises. The project ensures that business transactions, smart contracts, and communications are private whenever organizations make use of Ethereum public mainnet.
Paul Brody, principal and global blockchain leader at Ernst & Young, while talking about the Coca-Cola Ethereum Defi test, said that seeing the Baseline protocol grow beyond the code base is great to experience. He explains that it means they made a good choice working alongside Microsoft and ConsenSys.
First Coca-Cola Ethereum test
Coca-Cola Ethereum Defi test would not mark as the first Coca-Cola integration.
Last year, CONA adopted the use of Ethereum’s Hyperledger Fabric. This was to streamline cross-organizational supply chain transactions and improve transparency for Coca-Cola’s supply chain.
CONA now, through Baseline, would be using the Ethereum platform to minimize obstacles for suppliers.
Several marketing and production processes are now going to be automated as requests, proposals, invoices, purchase others, and many more would be digital, enabling small suppliers to integrate with the network.
CONA’s Etherum extension would also activate the use of token, enabling access to blockchain tools like loans through DeFi applications.
With CONA’s baseline protocol, suppliers can use Ethereum for business transactions just as they use the internet, only that the ETH platform is more private.
The result of the Coca-Cola, Ethereum Defi test, would be made public by Q4 this year.