FacebookTwitterLinkedin

Blockchain News for Coffee Lovers: Tech Titan Creates App to Trace Coffee Supply Process

 

Cryptocurrency-Coin

Coffee caters to a global market, which means its supply chain is rarely straightforward. Its sellers are seldom its farmers, as it typically passes through several places before it reaches store shelves. This makes it difficult for coffee lovers to directly support the farmers responsible for their caffeine fix. Fortunately, recent blockchain news reports that a new application is poised to simplify the complicated tracing process.

IBM Unveils “Thank My Farmer” App

Tech titan IBM is rolling out a new blockchain-based application that lets people track the origins of their coffee products. A team effort with traceability platform Farm Connect, the “Thank My Farmer” app was unveiled at the 2020 Consumer Electric Show (CES) in Las Vegas. It gives consumers the chance to support the farmers who grew the essence of their favourite caffeinated brews.

IBM and coffeemakers collaborated to bring enhanced transparency, efficiency, fairness, and communication to coffee sourcing processes using blockchain technology.

The team worked with some of the leading coffee suppliers around the world, including Beyers Koffie, Jacobs Douwe Egberts (JDE), ITOCHU Corporation, Rabobank, and RGC Coffee. They also partnered with Sucafina, The Colombian Coffee Growers Federation (FNC), The J.M. Smucker Company, Volcafe, and the Yara International.

Recent blockchain news report that IBM will launch the app sometime in 2020.  European consumers can get the app through a new brand, Beyers 1769 from Beyers Koffie.

How Blockchain Revolutionises Coffee Supply Chain Tracking

To understand the game-changing way IBM utilised blockchain technology to transform coffee source tracking, consider the supply process of the product.

Coffee beans make several stops before hitting the market. They are managed by roasters, shippers, exporters, importers, distributors, and retailers. Each participant in this lengthy supply chain only keeps track of the information relevant to their process, thus fragmenting the product’s data.

“Thank My Farmer” bridges the information gap by relying on a blockchain-based system. The technology offers the following advantages:

  • It allows automated origin tracking.
  • It improves the system’s interoperability.
  • It enables real-time inventory management
  • It streamlines the data sharing process among the participants of the supply chain.

The app pulls data from the blockchain system, giving the user access to accurate data about their coffee’s farmer, roaster, trader, importer, and more. It presents the information using an interactive, scalable map.

Cryptocurrency websites report that the app also displays various sustainability projects from coffee communities so that users can offer to fund or support them.

Finally, another advantage of the “Thank My Farmers” app is levelling the playing field for coffee farmers. The ability to get coffee straight from the source enables consumers to pay farmers directly, which increases their wage instead of sacrificing a huge chunk of it middlemen and corporations.

Problems Solved by Blockchain in Supply Chain Management 

Utilising blockchain technology for coffee supply chain tracking and management also offers a solution to:

  • Fraud
  • Identity issues
  • Data discrepancies
  • Communication errors
  • High management costs

Explore the Game-Changing Advantages of Blockchain!

The benefits of blockchain extend beyond supply chain tracking and management. Team up with blockchain companies to find out how you can take advantage of this technology.

For everything crypto, Key Coin Assets is here to help you out. Get in touch with us at 843-886-9547 for next-level cryptocurrency investment solutions and professional blockchain technology. Contact us NOW and start to invest in yourself!