A Ugandan coffee company, Carico Cafe Connoisseur adopts blockchain technology in order to certify its coffee shipments, assuring consumers that all of their products are from the right source.
According to a Business Daily report on January 25, 2019, the distributed ledger technology (DLT) will be used to track coffee’s raw materials as it moves along the supply chain before reaching the stores. Founded in 2016, the coffee company now tracks delivery data of beans by farmers to collection centers, warehouses, inspection centers, and its final exportation through a blockchain solution.
As blockchain technology is gaining traction, more and more companies across the globe are willing to adopt the technology to track their products. The product range being tracked ranged from luxury goods to farming to the general supply chain. The blockchain tracking technology ensures that the consumers know the exact source of the product they are using, bringing full transparency into the trade.
Carico’s attempt will allow its consumers to trace the product from its origin, including the bean type, the exact farm where the beans were harvested, and the year of harvesting, either through a third party site or by just scanning the QR on the coffee container.
The company further elaborated that integrating blockchain technology into their operations will benefit the firm, the bean farmers and the consumers. Farmers could earn up to 10 % more as customers willingly pay more for a product when its origin is traceable.
Knowing the process that their coffee goes through before reaching them will not just earn more appreciation from the consumer, but will ensure that there are more linkages with the farmer.
Blockchain technology is being adopted all across the world in one way or the other, despite the recent slump in the price of bitcoin and other crypto assets. For instance, just this month, IBM collaborated with Aetna, Anthem, and PNC to explore medical data blockchain. Indian tech giant Mahindra is planning to employ blockchain technology for grapes export business.
While the use cases of the technology are reportedly increasing day by day, blockchain still has a long way to cover before it achieves mass adoption.