Australian luxury spirits company, Strait Brands has tapped the powers of the Cardano blockchain to manage its supply chain network. As announced by Input-Output Global, the blockchain firm behind the Cardano network, Strait Brands will build its production process around the protocol’s authentication platform, Atala SCAN, as it looks to supply as many as 4 million bottles before the end of 2022.
Cardano launched its smart contract platform back in September, and thus far, tons of new smart contracts with advanced functionalities have made their way onto the blockchain protocol. Brandished as one of the most scalable decentralized infrastructures today, the enterprise adoption of Cardano has also surged in the past weeks.
The embrace of the Cardano blockchain will help Straits Brand deploy a tamper-proof software system created by Input-Output using Atala SCAN, which can record and store data securely and instantly verify the origins of products throughout the supply chain. Operating deep within an industry where so many products are counterfeited, the Strait Brands-Cardano link-up will help provide an added level of trust to the former’s business.
“Strait Brands is embarking on large-scale international distribution and, conscious of the challenges the industry faces, we decided to take a blockchain-first approach to production, ensuring industry-leading levels of safety and verifiability in our supply chain,” said Philip Ridyard, founder of Strait Brands “Input-Output is an essential partner in Strait Brands’ pioneering movements in the alcohol industry, protecting the integrity of Strait vodkas, gins, and our new super-premium range, Badger Head.”
Blockchain as a Tool to Solve Supply Chain Woes
While the deployment of blockchain-based solutions in correcting the current woes of the supply chain industry is still in its infancy, its hidden potentials have been pointed out even by the World Economic Forum (WEF).
Besides Strait Brands, other multinational consumer goods manufacturer deploying blockchain-based solutions for their supply chain networks includes soft drinks giant, CocaCola. Each blockchain model has its unique approach and using the Atala SCAN model, all ingredients employed in the production of the alcohol brand can be stored, making authentication easier and thus fighting counterfeits most efficiently.
Impact of Smart Contract Boom on Cardano Price Outlook
Before the launch of the Smart Contract functionality on Cardano, thousands of new projects were notably in the queue to launch on the protocol. Many analysts believe the impact of this broad-based adoption will be a corresponding growth in the price of ADA, the network’s native token.
The price of Cardano as of September 12 when the smart contract was launched was about $2.66, and current market dynamics have suppressed this growth to its current trading price of $2.13 per coin.
Though the outlook may look bearish at present, the proliferation of smart contracts on the protocol is bound to increase the demand for ADA which in turn will come to impact the price of the digital currency in the medium to long term.