bext360, a startup developing technologies to streamline critical supply chains in emerging economies, has announced that it has entered into partnerships in Afrika to produce the world’s first blockchain traceable coffee, as well as use blockchain to trace payments made to coffee farmers. The startup has partnered with Uganda's Great Lakes Coffee and Ethiopia and the Netherlands based FairChain.
Earlier in 2017, bext360 came out of stealth mode of stealth mode and announced their blockchain technology that allows for the traceability of coffee beans from "bean-to-brew".
The pilot program will see bext360 partner with Great Lakes Coffee, a Uganda-based coffee exporter and Coda Coffee, a Denver-based coffee roaster, to use the bextmachine to trace coffee from Uganda to Denver, Colorado in the U.S. The second program with Moyee Coffee, the world’s first FairChain coffee brand based in Ethiopia and Amsterdam, will be in production for four months long and generate revenue. It will use the bext-to-brew platform to trace coffee from Ethiopia to Amsterdam, as well as payments made to coffee farmers in Ethiopia.
According to the AgriTech startup, their platform enables all farmers, roasters, and consumers to access data across the entirety of the supply chain. This data, in turn, enables complete analysis of the supply chain to identify supply chain inefficiencies, and allow more compensation to farmers who produce higher quality coffee cherries and provide more visibility for consumers.
Additionally, bext360's blockchain ledger is designed to help keep down overhead costs—replacing paper carbon copies and other inefficient record-keeping methods—while making the financials easier to audit.
"For consumers, bext360 provides unprecedented levels of transparency around origin and quality; and allowing, for the first time, a coffee drinker in Europe to pull up this data and verify exactly where her coffee was sourced." read the statement from the startup announcing the partnerships.
Coffee is the second largest traded commodity in the world, approximately a $100 billion market worldwide. More importantly, women account for 70% of coffee farmers around the world and in Afrika, but as Stellar also highlights, farming communities in developing countries are forced to accept low prices and delayed payments for their harvested coffee beans making the launch of the bext360 kiosks and mobile app for coffee farmers a welcome product.Share this via: