Bext360 is a blockchain technology designed to track supply chain movements in the coffee industry. Find out everything you need to know about Bext 360 today in our review.
What Is Bext360?
Bext360 is a blockchain technology company that aims to optimize and modernize the coffee industry’s supply chain. We’ve seen other companies attempt to integrate blockchain technology into the supply chain industry – particularly the food industry. Bext360, however, is the first company specifically targeted at the global coffee industry.
The first Bext360 product is a machine that grades coffee beans and issues payouts to farmers from the device. Information is recorded into the blockchain, and farmers receive payouts in the form of digital currency. In addition to blockchain technology, Bext 360 uses features like artificial intelligence and machine vision to offer the right price to growers.
The ultimate goal of Bext360 is simple: to modernize the supply chain of the coffee industry and ensure coffee growers receive fair payouts for their work.
Bext360 was founded by Dan Jones. The company is categorized as an agricultural technology (AgriTech) startup. So far, they’ve raised $1.2 million in venture funding. Bext 360 is based in Denver, Colorado.
How Does Bext360 Work?
Bext360 , like most blockchain technology companies, uses a distributed ledger technology. That ledger provides an immutable record of all transactions that take place along the supply chain of coffee – from the farmers who harvest the beans to the final stages of manufacturing.
That ledger technology is combined with artificial intelligence that intelligently sorts coffee beans and assesses a grade.
Coffee beans are sorted using a process similar to Coinstar (those machines that sort your spare change). Beans are assigned a grade, and then the movement of those beans is tracked through the supply chain.
At the same time, the Bext 360 blockchain can issue payouts to coffee growers instantly.
Coffee beans are filtered into three grades, including Grades A, B, and C. Farmers are paid based on these grades. The higher the proportion of Grade A beans, for example, the more the farmer will be paid.
Each Bext 360 coffee grading machine can process 30kg of coffee cherries at a time. After processing, producers can choose to receive a payout on the spot.
Payouts are made in digital currencies using the Stellar protocol.
Coffee growers don’t have to accept payment on the spot. They can also decline payment, then choose to sell beans themselves on the commodities market. The Bext 360 machine gives farmers a chance to sell their coffee beans instantly.
Bext 360 can be used for more than just coffee cherry processing. The platform can also process plants, distributors, wholesalers, and other stakeholders in the supply chain to ensure complete transparency along the supply chain.
The ultimate goal of Bext 360 is to let end customers know where the product originated from along with its movement through the supply chain. Bext 360 also offers RESTful APIs that can be integrated into wholesaler or retailer marketing, as well as loyalty programs to ensure customers can access relevant data.
Here’s the process broken down into a step by step system:
Step 1) Single origin fair trade: Provides fair and transparent analysis and payments to ensure all coffee meets Fair Trade standards and works directly with Point of Origin communities.
Step 2) Analysis and payments: The Bext 360 machines collect, analyze, and make electronic payments to all stakeholders at the Point of Origin of the coffee, then provide critical data to improve the quality of the coffee.
Step 3) Build communities: Allows buyers and other organizations to improve communities and the product they’re offering.
Step 4) Traceability (SaaS): Bext 360 provides a RESTful API, allowing all data to be embedded and private labeled into wholesaler or retail marketing and loyalty programs.
The benefits of Bext 360 are easy to see: customers can see exactly where their coffee comes from. The coffee you buy from your supermarket may claim to be organic and fair trade sourced from Colombia, but do you know the exact region, farm, labor conditions, and other data about that source? By answering these questions, Bext360 allows consumers to make a more informed decision about their coffee purchase.
Other advertised benefits of Bext360 include:
View Location Data And Growing Conditions
Discover the exact location your coffee came from, and even view live footage from that plantation. Learn when your coffee was harvested, where your purchase money goes, and who processed your coffee before it reached store shelves.
Single Origin Harvests
Bext360’s technology offers the ability and the efficiencies to source sustainable and ethically derived coffee at a Fair-Trade price to the communities that grow and harvest the coffee.
Learn more about the community, people, and projects that your coffee supports. Discover how your impact will affect the community – whether for better or worse.
Processing and Quality Control
See how your coffee was evaluated and prepared, including how Bext360 tracked Fair Trade payments. View detailed analysis about the coffee and its conditions.
View Transport Info
Track how and when your coffee was transported to you.
Explore roasting data, including how and when your coffee was roasted, as well as its quality and specifications.
Ultimately, Bext 360 lets you see the full supply chain for the coffee you buy – whether you purchased a bag of coffee at a grocery store or ordered a latte from a local coffee shop. Here’s an example of the information you might see after ordering a coffee at a local café, for example:
“Sourced from Huila Province, Colombia in March 2017. Directly supported “La Escuela de Los Niños” by donating 10% ($0.27). There is $63,243.81 remaining to complete this project. You will be notified when “La Escuela de Los Niños” is fully funded, when it opens, and when the first class graduates.”
Bext 360 was founded by Dan Jones. The AgriTech company is based in Denver, Colorado. To date, they’ve raised $1.2 million in funding. That funding will be used to release the company’s first product, targeted towards coffee growers.
Bext 360 was motivated to release the platform as a way of modernizing the coffee supply chain industry. According to initial reports about Bext 360, the coffee industry’s payment system dates back to the 1940s or 1950s.
Dan Jones is a US and Africa-based entrepreneur with 17+ years of experience living and working in emerging frontier markets like China, the Democratic Republic of the Congo (DRC), and India.
Bext360 is an agriculture technology startup based in Denver, Colorado. The company’s first product is a coffee bean sorting machine that grades coffee beans, then pays farmers based on the analyzed grade of the bean. Farmers can choose to accept payment in digital currencies, or defer payments and choose to sell their coffee beans on the commodities market.
Bext 360’s blockchain and AI machine learning systems have already been extended to other aspects of the coffee bean supply chain. In the future, the company may target additional agricultural products.
To learn more about Bext 360 and their agricultural technology, visit bext360.com.