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Crypto for Your Latte: Can Starbucks’ Foray into Crypto Leas to Mainstream Use?

Coffee powerhouse Starbucks is one of the major companies who have looked into the possibilities of crypto technology, and now it appears it’s on its way to embracing it.

Starbucks Supply Chain Tracking

According to reports, the company has partnered with Microsoft to utilize the blockchain to track its coffee beans. Starbucks is reportedly also set to accept bitcoin (BTC) payments in its branches in the US before the year ends.

Starbuck’s interest in crypto was first noticed in 2018, when its CEO, Howard Schultz, talked about the technology during the company’s Q1 earnings call. While Schultz was skeptical about bitcoin, he believed there would be “one or a few legitimate trusted digital currencies off of the blockchain technology.”

Starbucks dApp?

He also stated that these cryptocurrencies would have to find legitimacy in a brick-and-mortar industry. The Starbucks head also declared that blockchain would likely provide the structure wherein an integrated Starbucks app will be sitting on.

Now it appears that Starbucks is ready to use the technology as news surfaced of the company’s decision to utilize Microsoft’s Azure Blockchain Service to track and monitor coffee production.

The idea was initially floated in 2018 and was dubbed “bean to cup.” At the time, Starbucks envisioned using “traceability technology” for its coffee-tracking endeavor.

Azure

Now the project will reportedly be powered by the Azure system and will allow customers to track the production of the beans that will be used in their coffee. The system will also give coffee farmers from Colombia, Costa Rica, and Rwanda with more financial freedom.

Starbucks also claimed it will make this an open source initiative in order to disseminate its findings. The company is also set to collaborate with Microsoft in other projects, like connecting IoT equipment at various locations and predictive drive-through orders.

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