DENVER, June 22, 2018 (GLOBE NEWSWIRE) -- Bext360, a company that develops technologies to streamline critical supply chains in emerging economies, today announced that it is powering the blockchain traceability component for the new coffee brand Token, a collaboration between Moyee Coffee and FairChain Foundation. Token aims to become the world’s first truly end-to-end blockchain-enabled coffee, and is on a mission to cut out all middlemen, and directly link Western coffee drinkers with the communities that grow and roast their beans.
In November 2017, Bext360, Moyee and the FairChain Foundation joined forces in disrupting the coffee industry by producing the world’s first blockchain-traced coffee by a European coffee brand. Since then, the program has sourced 60,000 kilograms of coffee from Ethiopia to Amsterdam, and has provided proof of living-wage payments made to the farmers, all traced and immutable within the blockchain by Bext360’s Software-as-a-Service (SaaS) platform, which provides a traceable fingerprint to track products from producer to consumer. The Fairchain Foundation provided confirmation data from the producers and farmers at the different points of collection —from origin, quality, to purchasers to payouts — all which were were recorded within the blockchain by Bext360.
Additionally, the blockchain ledger is designed to help keep down overhead costs—replacing paper carbon copies and other inefficient record-keeping methods—while making the financials easier to audit. For consumers, Bext360 provides unprecedented levels of transparency around origin and quality; and would allow, a coffee drinker in Europe to pull up this data and verify exactly where her coffee was sourced, who produced the coffee and how much the small coffee producer was paid. Now Moyee Coffee and the FairChain Foundation are delivering on its promise and is launching the first ever public blockchain system, showing who earns what in each step in the process through Token.
How Token Works
To make the benefits of blockchain more tangible to consumers, each bag of Token coffee comes with a token. Each token is worth 0.50 cents equaling the marketing budget per bag. Together with Krypc, a special blockchain platform is created where consumers can choose to invest the money in themselves and get a discount, in the Token company itself or in the farmers and families that produce their coffee. For first time ever, real value from an individual coffee lover can be transferred to the pocket of farmers without any interference from any brand or company.
The first batches of Token will premiere this summer at the European Coffee Federation and World of Coffee and De Parade. Before that, it will launch a limited edition of one hundred 250g packages of the brand on the Token website. Those first 100 owners of the ‘Tokens of appreciation’ will have the opportunity to fine-tune the coffee taste profile.
Bext360 develops technologies that strengthen local businesses and communities in emerging economies by increasing access to capital and streamlining critical supply chains. Bext360’s platform revolutionizes supply chains with IoT, blockchain, machine vision and artificial intelligence, while bringing consumers and farming communities together to improve product quality, community livelihoods and the consumer experience. Bext360 technology builds upon the fundamental shift in mobile access, microfinance, and mobile/digital payments in developing countries. A guiding principle of Bext360 is to build community by enabling buyers and other organizations with direct paths to improve the quality of both the product and the communities that produce their goods, whether it is coffee, seafood, cotton, to palm oil. For more, please visit www.bext360.com.
About the FairChain Foundation
The FairChain Foundation has the mission to stimulate and support business models that contribute to a TRULY fair distribution of the wealth amongst all parties in the value chain. The FairChain Foundation was an early supporter of Moyee Coffee, for example, encouraging the company to pay farmers a so-called 20 percent FairChain premium that went above and beyond Fairtrade premiums. The FairChain Foundation was also the first to embrace the transparent platform set up by Denver, Colorado-based blockchain disruptor Bext360, which is quickly becoming the benchmark in the coffee industry as a tool to move beyond certification, and worked with Krypc on the current system that drives value from individual consumers to coffee farmers via blockchain. For more, please visit: http://www.fairchain.org/
About Moyee Coffee
Moyee is a specialty coffee roaster and FairChain company. Roasting locally is the driving spirit behind Moyee’s FairChain coffee, aiming to leaving not 10 percent, but 50 percent of the value of the coffee chain in country of origin. For more, please visit: http://www.moyeecoffee.com/
Token is a special purpose company, proving that a shared value chain is possible. Token’s brand promise: 1. Living income for farmers through profitable farms; 2. Better quality coffee at lower prices for coffee fans; 3. All benefits through community ownership. For more, please visit: http://www.tkn.coffee.
Press Contact: Kim Vu