Many millennials are becoming mindful of the source of what they consume or purchase. As a result, millennials who are coffee enthusiasts have become more demanding as they seek to know the origin of their cup of coffee. Some of the top coffee shops have heeded to these concerns as they are seeking technology-based solutions, such as blockchain.
Notably, some coffee companies, such as Jacob Douwe Egberts and J.M. Smucker Co. have collaborated with Farmer Connect, a blockchain initiative startup, in propelling the traceability of coffee beans’ origin. This objective will be realized through Thank A Farmer, a consumer-facing application, that will be blockchain-enabled.
The digital ledger network utilized in the app will be instrumental in tracking transactions, as well as availing customers with data about where the coffee was roasted, imported, exported, milled, and firmed.
Joe Stanziano, General Manager and Smucker Co. has asserted that Farmer Connect is an incredible initiative that will propel transparency in the coffee industry, and this will boost customer loyalty.
Stanziano stated:
“Our participation in the Farmer Connect blockchain initiative demonstrates our commitment to providing consumers with the transparency they crave while also creating new ways to support smallholder coffee farmers.”
Farmer Connect is a startup that seeks to offer blockchain-based solutions to different coffee players. As a result, it aims to raise around $20 million by early 2020.
Coffee traders have been facing the challenge of attaining minimal margins based on the lack of transparency on pricing information. This problem will be averted through blockchain and transparency will be available while transaction costs will be cut.
Notably, Thank A Farmer app will be pivotal in informing coffee consumers, such as millennials, the origin of their cup of coffee, and this will optimize their utility and loyalty.
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