Denver-based startup Bext360 that uses blockchain, artificial intelligence, and IoT in order to improve and transform the coffee supply chain solution, announced that it has raised $1.2 million in funding, Venture Beat reported.
Bext360 utilizes blockchain technology from Stellar.org in order to bring transparency to the coffee supply chain, thus allowing the product to be traced from bean to brew and ensuring that fair-trade payments are made.
Bext360 will use the distributed and decentralized protocol Stellar network, for real-time transactions in order to record timestamps, value, or amounts that make it possible to accurately process payments and credits. With the help of Stellar network, the parties involved in the transaction including companies, farmers, and co-ops, can make an access to the data transparently, and farmers can be paid in real time.
“With the launch of Bext360, we’re aiming to transform the coffee supply chain, while bringing consumers and farming communities together to improve product quality, community livelihoods, and the consumer coffee experience,” Daniel Jones, CEO of Bext360, said in a statement, as reported by Venture Beat. “We are building on the emergence of mobile infrastructure across developing countries and the advent of blockchain technology, IoT, machine vision, and artificial intelligence.”
With the help of machine learning and artificial intelligence, Bext360 will evaluate the coffee cherries and beans and then divide them into grades based on quality. This will enable coffee farmers to access to a mobile app to view amounts of each grade and accept offers for payment.
Bext360 will be installed to collect and analyze coffee and to make instant payments to farmers based on the quality analysis. Also, to enable payments, the Bext360 platform enables the collection of key data at unprecedented levels.
