Despite so many innovations on the market today, not all farmers are comfortable with using technology. This is especially the case with coffee farmers. To change their attitude towards technology and make coffee trade more transparent, Moyee Coffee, the FairChain Foundation, and Bext360 teamed up to implement blockchain to trace coffee from its origin to the consumer.
The blockchain platform was developed for a new brand of coffee, called Token, and it allows consumers to access product information and see who produced the coffee and how much money the producer was paid for it. With each bag of Token coffee, customers receive a token worth $0.56. Using a blockchain platform, they can choose to get a discount, support the company, or invest the tokens in farmers who produced their coffee. Though $0.56 may not seem like a lot of money, it’s still a great addition to Ethiopian farmers’ income, most of whom live on less than $2 a day.
Blockchain eliminates the risks of fraud and data misuse
There’s a lot of uncertainty and lack of trust in food supply chains, so, to address these challenges, some companies are experimenting with blockchain technology. Blockchain can store and trace data from numerous parties involved in the food production and distribution process. And since information stored on a blockchain platform can’t be altered, it reduces the risk of data misuse and fraud.