How blockchain is helping the coffee industry count beans
Historically, wholesale coffee prices have been volatile, fluctuating widely over time. In the past two years, coffee prices have dropped from a high of $1.55 per pound to a low of 87 cents. Currently, coffee is selling for 99 cents per pound.
The volatility in coffee has been hard on small-to-medium sized coffee farms in countries where there are few banking options and where growers often get paid prices that don't reflect the market, according to Luis Macias, CEO of blockchain-based supply chain service GrainChain. The company is based in McAllen, Texas.