As coffee production quite complicated as there are numerous intermediaries between the farmers and consumers This leaves farmers and coffee producers at the short end of the stick. Looks like the blockchain technology is coming to the rescue of the coffee producers helping the make fair profit.
Well, Dutch startup Moyee Coffee is using blockchain technology to help farmers. The company collaborated with FairChain foundation for the Token coffee brand. With blockchain technology, Token gives farmers a fair reward.
FiarChain aims at achieving a fairer distribution of returns at the production level. Moyee Coffee wanted to create an impact in the coffee production industry by implementing FairChain for its Token coffee brand.
With this blockchain coffee brand, Moyee Coffee aims to compete with the coffee giants. The company buys the coffee from farmers at 20% higher than the market price that is set by big coffee brands. The Big Coffee companies split it as 85% for the company and 15% for the farmers. Moyee’s objective is to increase the revenue of farmers from 15% to 50%.
Founded by Guido van Staveren van Dijk in 2012, the Dutch company has five types of coffee and coffee machines. The company expects to earn a turnover of €2.5 million this year.
World’s first blockchain coffee project
Moyee Coffee is the first European coffee company to introduce blockchain-traceable coffee. The company uses the tokenization technology of bext360. best360 is a traceability SaaS platform that focuses on the critical supply chains such as coffee. It develops technologies to streamline critical supply chains in the emerging economies. best360 SaaS platform provides unprecedented levels of transparency in the coffee industry.
What’s the idea?
The intention of Moyee Coffee is to bring about transparency and better profit for the farmers. When a consumer buys a pack of coffee from the Token brand, the pack will be bundled with a digital token worth 50 cents. As it uses blockchain technology, consumers can trace where the tokens go ensuring the farmers achieve profit. Notably, the blockchain technology lets everyone in the network track the flow of funds. The benefit is that blockchain transactions are irreversible and transparent.
It is possible for the consumers to get the next pack of coffee at a lesser price. Also, the farmers can be given a tip for producing the coffee. The tokens can be invested in the machinery used by the farmers or invested in the company similar to a share.
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