The blockchain technology is revolutionary in a way that it touches almost every business industry. Blockchain platform Yave has announced to host the first-of-its-kind blockchain coffee auction on May 2019.
To make this auction a successful event, Yave has partnered with Guatemalan Coffees. Moreover, the blockchain coffee auction will happen in conjunction with the Producer and Roaster Forum. Specifically, the forum will take place on 23rd and 24th May 2019, at the Anacafé’s headquarters in Guatemala City.
Yave Founder Scott Tupper expressed huge optimism over the first such coffee auction powered by the blockchain technology.
“The Yave Blockchain Auction at the Producer and Roaster Forum in Guatemala is the ultimate embodiment of stakeholder collaboration.”
Tupper further added, “We’re getting the industry in the same room to discuss what the future of coffee looks like, and then we’re going to go ahead and build that future. Together we’ll bridge the digital/physical traceability chasm on a collective, and sales-driven basis. It’d great to be able to unite over the universal languages of quality and accountability.”
Details Regarding the Yave’s Blockchain Coffee Auction
All producers of the Guatemalan coffee are invited to participate in the auction and submit their lot, free of charge. Moreover, of all these submissions Yave will select the final 20 lots. The process of selection will take place through multiple rounds of cupping by several national and global Q-Grade certified judges.
Yave says that roasters from around the U.S., Europe, Asia, and Australia are likely to attend this auction. Moreover, Yave notes that blockchain technology facilitates a fair and impartial price discovery on the online marketplace. As a result, it promotes transparent business practice between the stakeholders in the supply chain. Ultimately, it helps to remove all the intermediaries from the commodities and futures market.
Alejandro Molina, Anacafé’s Market Access and Sustainability Specialist, says that blockchain holds the potential to revolutionize the coffee industry.
“Guatemalan Coffees and Anacafé recognize how technology like blockchain has the potential to revolutionize the coffee industry,” says Moline.
Moline further adds that “Not only will it improve transparency, but more importantly, radically change how a coffee producer is able to receive a better and quicker return on their investment, their crop. We see smallholder farmers as the biggest winners by being able to get their product to market quicker.”
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