Blockchain is COOs Latest BFF
Traditionally, a chief operating officer (COO) plays the role of second-in-command in an organization. She manages daily operations and implements the company's long-term goals. However, the situation has changed. Organizations, especially after the pandemic, cannot afford any room for errors and hence expect more from a modern-day COO. They need to use technology to secure growth, stability, and resilience. Therefore, it is not surprising that Blockchain is becoming a vital solution for COOs.
Let’s look at Walmart's example. The American multinational retail corporation has been using blockchain technology to not only digitally transform its supply chain and reduce the time it takes to track the source of food contamination. It has been tremendously effective, too. How? In 2020, an E. coli outbreak spread like wildfire in the US across 19 states. Around 20 people were hospitalized. The calamity was traced back to leafy greens, and the industry spent millions of dollars notifying the public as well as tracing and removing the contaminated vegetables from the market. Well, Blockchain could have prevented or at least made disaster management way easier. Walmart now requires all suppliers of leafy green vegetables to upload data onto a blockchain. This helps the company real-time track produce right back to the farm it came from. In the event of batch contamination, the company is able to trace contaminated food within seconds versus the weeks-long manual process. This is invaluable during product recall.
Nestlé, the Swiss multinational food and drink processing conglomerate corporation, uses a blockchain to trace the growing origins of its Rainforest Alliance-certified coffee brand. It’s quite clear that Blockchain is a friend of COOs worldwide.