Innovation Percolates When Coffee Meets the Blockchain
Further, according to the International Coffee Organization , world coffee exports amounted to 9.13 million bags by October 2016, the last month that this statistic was tabulated.
As a complete logistics solution, the company aims to utilize blockchain technology to better track all elements of the worldwide coffee ecosystem and thereby boost supply-chain productivity.
Daniel Jones, bext360’s founder and CEO, asserts that coffee drinkers should be able to know, down to the cup, where their coffee originated from and whether farmers were paid a fair rate for it.
“Bext360 is transforming the coffee supply chain while bringing consumers and farming communities together to improve product quality, community livelihoods and the consumer coffee experience. This mobile access allows bext360 to implement our technology directly into the supply chain for traditional optimization, product payment and the financing of capital equipment necessary to increase the value of commodities in the country of origin, bringing more equity to local businesses and communities in emerging economies.”
According to estimates from the Fairtrade Foundation, “Coffee is one of the world’s most popular beverages and 80 percent of it is produced by 25 million smallholders. [Moreover,] around 125 million people worldwide depend on coffee for their livelihoods.”
Jones sees a number of trends emerging around the intersection between blockchain technology and the coffee industry.
“Ultimately we would like to be a technology company that can improve both the quality and traceability for myriad commodities produced in the developing world, such as coffee, cocoa, fish, palm, nuts and minerals. This is all possible because emerging technologies like the blockchain give us the ability to collect, analyze and pay as close to the production date as possible. Our goal is to increase the quality of the products while improv[ing] the lives of the people that produce them.”