Rabobank and IBM are joining forces for a new blockchain venture. Both companies seem to think that coffee drinkers are their key target audience.
A new blockchain-based application is currently in development. It aims to support the farmers growing beans utilized to make cups of coffee.
Coffee Drinkers and Blockchain
Known as “Thank My Farmer“, it is designed to be a sustainability initiative. Bridging the gap between consumers and coffee farmers is an intriguing option to explore.
Consumers have shown an interest in exploring the origins of products they consume. While primarily focusing on food, the same can easily apply to coffee and other products
Digitizing the supply chain is an ongoing process across many industries. Whether there is an interest from coffee drinkers, is difficult to determine at this time.
Currently, the plan is to launch this blockchain project in the US and Canada. It will become available in the next few months.
Users can scan QR codes on cups of Beyers Koffie’s coffee cups. In doing so, they can trace the journey of their coffee from farm to cup.
More importantly, they can help fund local community projects. What types of projects coffee drinkers will be able to support, has not been made public as of yet.
According to IBM, millennial coffee drinkers prefer sustainably grown beverages. However, the current supply chain processes make it very difficult to track the origin of their drinks.
With blockchain technology, this process is streamlined and made more transparent. Creating a unified system for importers, distributors, retailers, exporters, and shippers will prove challenging.
IBM’s Food Trust GM Raj Rao has high hopes for this project. In his opinion, blockchain can build trust in goods people consume. Businesses can also benefit from improved transparency and efficiency.
For coffee drinkers around the world, it is another solution to drink responsibly. By using the app, they will see an interactive map between users, farmers, brands, roasters, and traders.