The CoffeeCoin project announced the launch of its new web-based client for the coffee industry this week, allowing an easy way to access and use their blockchain token and tools for increasing efficiency and traceability across the entire coffee supply chain.
The client is accessible online via http://coffeecoinwallet.com .
According to project founder James Allen, “After two years of development and real world testing of CoffeeCoin ourselves, we are excited to open the doors to blockchain technology to the rest of the coffee industry.”
The CoffeeCoin project has been using their CoffeeCoin token (COF) to buy & sell coffee between producers and consumers across the globe since 2017. The project has also been using COF to transmit and preserve immutable coffee transaction data on the blockchain.
“As far as we know, our CoffeeCoin is the first blockchain token to be used to buy and sell coffee and track that coffee's journey data on the blockchain from producers all the way to end consumers.” says Allen.
“We have successfully funded the purchases of green beans from source in both Indonesia and Thailand, the sales and shipment of this same coffee roasted from source to customers around the world, and the transmission of sales and tracking data from these lots to the blockchain – all using CoffeeCoin - during four coffee harvests.”
Now, with the launch of their new web client, CoffeeCoin is easily available for anyone in the coffee industry to adopt and use to do the same.
CoffeeCoin is a blockchain token issued on the Waves platform in 2017. It is a liquid cryptocurrency recognized as a utility token under the jurisdiction of Cyprus and vetted and verified by BetterTokens.org. It trades as one of just a handful of qualified tokens on the Waves decentralized exchange (DEX) and it also trades against Bitcoin on the Crex24.com cryptocurrency exchange.
Since CoffeeCoin is a liquid cryptocurrency traded on multiple exchanges, anyone in the coffee business can use it for near instant payments across the entire supply chain using the wallet feature of the new CoffeeCoin web client. Transactions occur directly between buyers and sellers, with no banks or other middlemen. Sending and receiving any amount of CoffeeCoin takes just a few seconds and only costs 0.5 COF (currently less than 1 cent) for transaction fees – no matter how much is sent or received.
This means for example, a roaster in Canada can send payments directly to a producer in Indonesia in seconds, skipping all the hassles, costs & waiting associated with traditional international payments through banks. At the same time, the roaster can use COF to transmit and preserve text data regarding the trade onto the public blockchain where it will remain in a permanent and immutable form.
Avoiding bank fees allows the producer to receive a better price and allows both parties to complete the transaction in moments. Preserving related trade and lot data on the blockchain helps protect both parties and can also provide publicly accessible traceability data for consumers.
“For those interested in preserving data about the coffee they are trading for traceability on the blockchain, our new web client makes its very simple. Users can enter text attachments of up to 100 characters with any CoffeeCoin transaction and these will preserved on the blockchain. We have used this feature for example to preserve order numbers & tracking numbers of customers shipments, along with lot codes and details of the coffees we have sourced and sold – providing an immutable traceability chain on the blockchain from farm-to-cup.”
This data can be viewed directly from the blockchain via the new client.
Consumers of coffee can also easily provide direct feedback and support to farmers of the coffee they enjoy using the web client.
“Imagine going to a cafe, reading about the farmers who produced your coffee – and then being able to directly send them a tip for the the cup you enjoyed – and being able to see that tip received in seconds on the other side of the world. This is simple using CoffeeCoin” explains Allen.
From Allen's point of view, with its ability to drastically reduce transaction costs in the coffee industry, preserve coffee trade data for improved transparency and connect producers more directly to consumers, the CoffeeCoin token and tools bring many advantages to the global coffee industry.
“At the very moment when green coffee prices are reaching an all time low and consumers are demanding the industry provide more accountability, traceability and responsibility towards producers, we have a new technology that helps solve all these issues at the same time. The tested and proven CoffeeCoin token & tools combined with our new web client allow anyone in the coffee supply chain to access and take advantage of this new technology right now.”
The new web client can be accessed via http://coffeecoinwallet.com .
Interested parties are invited to learn more about the CoffeeCoin project at https://coffeecoin.io. You can also contact the project for information on integrating CoffeeCoin and the new web client into your current coffee business at: https://coffeecoin.io/contact .
