American Bext uses Block chain Technology to improve Global Coffee supply chain
Bext360 wants to use AI, blockchain and Internet of things technologies to increase the income of coffee farmers around the world. Agence France-Presse
Us startup Bext360 is using artificial intelligence (AI), blockchain (blockchain) and the Internet of things (IoT) to reform the global coffee supply chain to increase the income of coffee farmers.
Coffee is the second largest commodity in the world, with a market size of US $100 billion, according to CryptoCoinsNews and VentureBeat. But the trade in coffee beans is so unfair that coffee farmers in developing countries have to accept low-cost acquisitions and delay payments. At present, there are millions of coffee farmers in the world. According to the World Bank (World Bank), coffee farmers make meagre profits, with many small farmers living on less than $2 a day.
On the other hand, coffee lovers around the world pay more and more attention to the transparency of the coffee supply chain. Bext360 uses Stellar.org 's blockchain technology to bring transparency to the coffee supply chain, recording transactions of coffee beans in real time and ensuring fair payments.
Daniel Jones, founder and CEO of Bext360, said coffee lovers will also want to know where the coffee they drink comes from and whether the sellers of the beans get a reasonable price. Jones points out that consumers want to know the origin of their products more than ever before. But in general, it is expensive for Fairtrade groups to track raw materials. They use inaccurate basic tracking mechanisms, while coffee farmers may still be exploited.
Bext360 uses machine learning and AI technology to develop an automatic coffee bean recycling machine, which can instantly judge the quality of coffee beans. The machine uses optical screening to evaluate coffee fruits and beans and grade them according to their quality.
Coffee farmers can use Action App to check the grade of coffee beans and accept the buyer's purchase offer. With the support of the Stellar blockchain trading platform, the App will pay coffee farmers immediately. In contrast, coffee farmers had to hand over the beans to the buyer for manual inspection and grading before they could get the money for a few months.
Bext360 uses distributed real-time trading protocols such as Stellar networks to record timestamps, values, or amounts, so it can process transactions accurately. Traders, farmers and cooperatives involved in the transaction can all view the relevant information transparently through the Stellar network.
Bext360 will deploy a coffee bean recycling machine to collect and analyze coffee beans and immediately pay coffee farmers according to their quality. Bext360's machine analyzes and collects coffee beans and pays for them through direct bank loans.
In addition to payment, the Bext360 platform can also collect critical data. For example, Bext360 machines can also collect data on the quality and efficiency of coffee cultivation and analyze supply chain dynamics in real time to create new business opportunities and improve supply chain efficiency.
It is worth mentioning that there are more and more cases of applying blockchain technology to the humanitarian field. For example, the World Food Programme (World Food Programme; WFP) announced in March that it was using the Ethernet Square (Ethereum) blockchain to distribute cash assistance to the world's most food-hungry families. Through the use of this technology, WFP can effectively and safely provide assistance to those in need.
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