A startup called Bext360 wants to bring blockchain technology, which serves as the basis for Bitcoin trading, into the coffee industry of developing countries in order to create more transparency between farmers and buyers. The startup’s first “product” will be a kiosk, similar to a Coinstar change collection machine, that farmers can use to sell their beans. The system is designed to use smart image recognition technology to evaluate the crops being submitted at production facilities, which can assign a price and determine the identity of the person selling it. The farmers are then credited for their delivery via a mobile app, and a payment is delivered instantly to their digital “wallet”. The technology could mean more ready access to investment capital for the millions of growers—largely women—around the world.
Blockchain technology could bring fair-trade to the coffee industry
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