A Global Problem Requires a Local Solution
Coffee is the world’s second-most-traded commodity, after petroleum. An astonishing 125 million people make a living growing coffee, according to estimates from the Fairtrade Foundation. Most of these small-scale farmers live on less than $2 a day, as reported by the World Bank. This alarming statistic highlights the need for change in the coffee industry.
A New Era of Transparency and Fairness
In an effort to address this issue, Denver-based startup bext Holdings Inc. has developed a mobile robot that simplifies the process of analyzing the quality of coffee beans. The sophisticated scale allows buyers to rapidly assess the quality and weight of each batch, providing both parties with accurate information on the spot.
How bext360 Works
The mobile app and cloud-based software employed by bext360 utilize blockchain technology from Stellar.org to create a record of where beans came from and who paid what for them. This innovative approach ensures transparency throughout the supply chain, enabling consumers to track their coffee’s origin and fair trade practices.
The Goal: Complete Transparency in the Coffee Supply Chain
Founder and CEO Daniel Jones envisions a future where coffee drinkers can know exactly where their coffee comes from and whether farmers were paid a fair rate for it. "Consumers are more enlightened than ever before," Jones said. "And companies want to meet their high standards." However, he notes that existing fair trade efforts often involve rudimentary tracing mechanisms, which can lead to exploitation.
The CEO’s Background: A Perfect Blend of Experience
Prior to launching bext360, Jones founded a company that exported minerals from the Democratic Republic of the Congo (DRC) to the U.S., meeting all the supply chain and traceability requirements of the Dodd-Frank Act. He also collaborated with the Defense Intelligence Agency to create a secure communications system for transferring voice, video, and data across top-secret networks. This unique blend of experience has equipped Jones with the expertise necessary to navigate complex bureaucracies in developing nations.
Supporting bext360’s Mission
To support its launch and growth, bext360 has secured $1.2 million in seed funding from SKS Venture Partners, a family office that primarily invests in financial technologies. Investor Mark Spencer highlighted the startup’s innovative approach: "Using a smartphone to pass payments directly to farmers, cutting out middlemen who often take more than their fair share, is what caught our attention."
The Future of Fair Trade Coffee
bext360’s groundbreaking technology has the potential to transform the coffee industry, ensuring that small-scale farmers receive a fair price for their beans. By providing transparency and accountability throughout the supply chain, bext360 aims to create a more equitable and sustainable coffee market.
Investors and Partnerships: A Key Component of Success
To further its mission, bext360 is seeking collaborations with organizations committed to promoting fair trade practices. The startup’s goal is to expand its reach beyond the coffee industry, exploring opportunities in other commodities such as cocoa.
A Call to Action: Join the Fair Trade Movement
As consumers become increasingly aware of social and environmental issues related to their purchasing decisions, companies are being pushed to adopt more responsible practices. By supporting startups like bext360, we can work towards a future where every cup of coffee contributes to a fairer, more sustainable world.
Get Involved: Learn More About bext360 and Fair Trade Coffee
To stay updated on the latest developments in the fair trade movement and learn more about bext360’s innovative solutions, visit their website at www.bext360.com.
