Blockchain Initial Trial Gives Pepsico Nearly 30% Efficiency Boost
Fortunately, in a short trial conducted in March 2019, the company found that blockchain technology increased its supply chain efficiency by 28%. The trial was aimed at exploring the possibility of using blockchain to enhance advertising by addressing some of the challenges facing the current system which greatly reduce efficiency in the supply chain.
The trial project dubbed “project Proton” was conducted with the help of media agency Mindshare which announced the findings of the project on Monday, and Zilliqa’s blockchain platform whose smart contracts which are built on blockchains, were used to automate a pre-programmed supply chain.
Speaking on the findings of the trial, Mindshare said:
“These smart contracts reconcile impressions that are delivered from multiple data sources with payments facilitated using an internal Native Alliance Token (NAT) all in near real time, resulting in major efficiency gains and complete transparency for the brand owners.”
Blockchain technology has been used to improve efficiency in many sectors already, one of which is cross-border remittance. With the help of blockchain, customers can now send millions of dollars across borders in real time and at far cheaper rates than existing less efficient systems charge.
Pepsico’s first trial which was conducted in the Asia Pacific regions showed improved efficiency especially “in terms of costs for viewable impressions, in running the campaign through smart contracts, versus one without,”
According to the company’s director of consumer engagement for Asia, Middle East, and North Africa regions, Pepsico will be taking the trial further under varying conditions to determine the overall impact of the system on efficiency.
Several other technology companies such as online advertising company Rubicon, programmatic marketing technology firm MediaMath and media firm Integral Ad Science were involved in the trial.
Although blockchain technology is being criticized at this time, the growing interest in the system may be drawing more attention to the possibilities that lie in its use than the global population thinks. Cryptocurrencies which are built on it also provide better and easier payment methods that save time and money which is why they are becoming more popular. The question? Which beverage company will be the next to trial blockchain after Pepsico?