Starbucks has harnessed the power of blockchain to allow its customers to track their coffee from farms to storage.
A blockchain is a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity.
The coffee giant is seeking greater customer satisfaction using blockchain technology to create transparency. The Starbucks blockchain would allow its customers to track their coffee beans from farms to the stores. Launched yesterday, Starbucks customers in the United States can use a code on the bag to find out more about their coffee including where the beans came from, where they were roasted and the preparation tips.
The blockchain is immutable, so no one can tamper with the data that is inside the blockchain and it's transparent so anyone can track the data if they want to.
This latest development is not limited to customers only, since farmers will receive a reverse code that will allow them to track their production. Microsoft developed the blockchain-powered tool that now allows the coffee giant to share its decade-long traceability data with its customers. This latest development can also help Starbucks to attract younger generations who care about coffee sold by companies.
Evolutionary modeling shows that blockchain technology offers business opportunities for better economic coordination and governance and that public policies aimed at the adoption and use of blockchain are conceived as a new feature of innovation policy. Potential gains are also seen from institutional innovation of blockchain with others opportunities for economic discovery, learning and policy coordination.
