Bext360 launches blockchain platform for coffee supply chain

Bext360 launches blockchain platform for coffee supply chain

Source: Bitcoin Chinese website

Colorado technology company Bext360 has announced that it will create its first supply chain solution. The platform is called bextmachine and is developed specifically for the global coffee supply chain.

The announcement was made during a TechCrunch event on robotics held at the Massachusetts Institute of Technology (MIT) on July 17th. The one-day event is designed to help innovators introduce solutions to the public and gain an in-depth understanding of the technologies used.

Bextmachine aims to simplify the global coffee supply chain. Bext360 believes that with the continued growth in global demand for beverages, it is important to integrate transparency and accountability into the coffee market. BTCManager said in a report in April 2017 that the project had raised $1.2 million in seed funding, and the latest announcement said the machines would be piloted in the fall of 2017.

Dan Jones, CEO of Bext360, said at the press conference:

"although the new study in the Annals of Internal Medicine strengthens the correlation between coffee consumption and health benefits, most consumers are unable to determine the source of each cup of coffee and its impact on the global environment."

The company believes that more and more consumers and suppliers are interested in fair trade practices and responsible businesses. The rise of cautious stakeholders in the market makes fair trade certification a top priority.

Jones cited the actions of other multinationals as an example of this shift. In addition, the announcement of Amazon's upcoming acquisition of Whole Foods highlights this trend, and I think Amazon is willing to create a truly transparent supply chain from producer to store to consumer.

Bextmachine combines machine learning, artificial intelligence (AI) and blockchain technology to create a highly transparent supply chain. The coffee is purchased directly from the farmers and the payment is paid directly to the supplier through the blockchain. The system will then record each piece of information from the coffee to the end consumer along the way.

Jones added:

"the current coffee supply chain is out of date, and our technology uses machine learning and artificial intelligence to analyze coffee fruits and beans based on the quality of goods. Coffee farmers can view the results through mobile apps, while Stellar.org 's blockchain platform allows immediate payment and eternal traceability."

Bextmachine will allow all stakeholders in the supply chain access to the stored information. As data can be used to increase productivity, creating a more efficient supply chain and ensuring the source of coffee to consumers will benefit all stakeholders. The company will work with end-to-end coffee stakeholders, local coffee partners, roasters and suppliers to test the platform. Information on the selected partners and purchase opportunities will be officially announced as the year progresses.

Although bextmachine itself will not help developing countries reduce their dependence on coffee production, it should promote and illustrate some practical "fair trade". It is currently announced that coffee as a fair trade enterprise should join or implement similar schemes to strengthen welfare commitments to product sources in developing countries.