Genfinity met with the Co-founder and President of SKUx, Bobby Tinsely, to gain insight on how Mondelēz and SKUx will be utilizing Hedera to revolutionize snacking. How will Mondelēz, SKUx, and Hedera work together toward empowering brands and consumers? Essentially, this initiative brings DLT out of the theoretical realm and into the everyday snacking experience. You can read below for more details! 

Hedera’s new council member

The Hedera Council announced today that Mondelēz International (Nasdaq: MDLZ) officially joined their governing board. The Hedera Council is made up of 30 organizations and oversees the Hedera network, a public, open-source distributed ledger. Mondelēz International, a giant in the snack kingdom, is an international company satisfying your sweet tooth. They’re also the proud owners of iconic brands like Cadbury, Oreo, Chips Ahoy!, Trident, and more. Additionally, they operate in 80 countries with over 80,000 employees.

The snack giant and Hedera Council member, Mondelēz International, is using the secure and efficient Hedera network to build new tools for its “snack right” mission. Their focus will be on transforming operations, managing supply chains more effectively, and also enriching business processes for their customers. Think faster, more transparent snack journeys and innovative ways to connect with the snack lovers like you.

Bill Miller, co-chair of the Membership Committee for the Hedera Council, responded to the Mondelēz’s membership, stating:

“Mondelēz International is a global food leader responsible for many of the food brands that today’s consumers enjoy. We are excited to amplify their voice as part of the Hedera Council towards spearheading relevant business solutions for the greater CPG and retail ecosystem.”

Mondelēz and SKUx: Exploring the technology

Mondelēz is currently working with SKUx, a company leading the innovation of payment platforms for brands and consumers. Mondelēz and SKUx are upping their customer service game by introducing a new way to redeem offers. Moreover, you can now skip the paper checks and choose instant, secure digital payments powered by SKUx. 

This cutting-edge system, built on the Hedera network, is the first, real-world DLT experience for tracking CPG supply chains and digital offers. Notably, Mondelēz and SKUx have reached beyond a basic proof-of-concept to actualize a digital experience for their customers. This will make your snacking experiences smoother and more transparent. Web3 and DLT are helping them connect with you in new ways, mainly by streamlining operations while minimize their environmental footprint.

Co-founder and President of SKUx, Bobby Tinsely, had this to say about the project:

“I’m going from tons of fraud (in couponing) and non traceability to complete 100% clarity into my offer and immutable backup proof. And that is phase one of a bridge that we’re building towards this future. They (retail enterprise partners) understand that they’re on a digital transformation journey like we are. And we’ve got a very nice, phased approach on how can we bring real-world use cases to retail that check the box on what we’re trying to do from a business pain point perspective.”

SKUx

SKUx is an innovative payments platform focused on delivering secure and instant digital offers to both brands and consumers like you. Here’s a breakdown of their key features:

For brands and retailers:

• Enables branded digital payments: They offer tools to create and deliver instant rewards, rebates, and promotions directly to your mobile devices.
• Increases your engagement and loyalty: By providing personalized offers and tracking redemption data, SKUx helps brands connect with you more effectively.
• Improves efficiency and transparency: Their platform also automates many payment processes and provides clear data insights for both brands and merchants.

For you:

• Provides flexibility and convenience: You can receive and redeem digital offers instantly on your mobile device anywhere tap-to-pay is accepted.
• Offers a variety of use cases: From promotions and rewards to reimbursements and donations, SKUx also covers a wide range of payment scenarios.
• Improves trust and satisfaction: The platform’s transparency and security features help build trust between brands and consumers.

Overall, SKUx aims to modernize the payments landscape by offering a faster, more efficient, and engaging experience for both businesses and consumers.  Significantly, Mondelēz and SKUx teamed up with Hedera to bring their vision alongside Hedera’s distributed ledger technology. 

Hedera Network

The Hedera network is a public, open-source distributed ledger with a twist: it uses the hashgraph consensus algorithm for fast, fair, and secure transactions. Imagine a gossip network where participants verify each other’s information, building a shared history free from forks. Governed by a diverse council and offering services like tokenization and smart contracts, Hedera aims to be the foundation for real-time web3 applications. The network also aims at attracting developers with its speed, stability, and energy efficiency. 

Unlike blockchains, Hedera doesn’t rely on miners or competition. Conversely, it uses “gossip”: nodes share information with each other, building a shared history like a web of trust. When two members share information using gossip protocol, it’s called a gossip sync.

How will Hedera empower Mondelēz and SKUx?

• Faster transactions: No waiting for blocks to confirm, transactions finalize in seconds.
• Fairer ordering: Transactions are ordered based on when they happened, no “first past the post.”
• Highly secure: Byzantine Fault Tolerance ensures even malicious nodes can’t disrupt the network.

Think of it like a group project where everyone shares notes and agrees on the order things were done – efficient, fair, and tamper-proof.

During Genfinity’s podcast, Bobby noted SKUx’s choice of Hedera, stating:

“What we want to look at is how we can leverage fast immutable technology, like Hedera, to track the issuance and redemptions of payments that were distributed.”

Later in the interview, he elaborated on how both speed and efficiency, or Hedera’s throughput, also came into play in their decision to work together.

“When we look at what Hedera has been doing — the speed and the transaction throughput — and the way that costs are controlled…we’ve evaluated lots of different technologies over the years and Hedera made sense for a lot of reasons.”

Mondelēz and SKUx: Moving forward with Hedera

Global COE Leader of Digital Strategy and BlockChain at Mondelēz International, Xiang Xu, had this to say today regarding Mondelēz’s foray into the Hedera Council, stating:

“We are excited to continue our commitment to digital transformation exploring distributed ledger technologies alongside Hedera. The potential to solve long standing retail industry challenges for consumer-packaged goods companies and merchants is very compelling.”

Mondelēz and SKUx teamed up with Hedera Network based on Hedera’s unique distributed ledger technology. By utilizing SKUx, a modern payments platform, they want to shake up the game. Their goal? Digital transformation that will enhance consumer’s experiences and offer a whole new level of engagement. This partnership and council announcement are also only bringing exciting innovation to the snacking world!

What do you think about the announcement? Leave a note for us in the comments!

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