Is Starbucks Planning to Launch a Cryptocurrency?

The giant company, Starbucks, is launching its own blockchain projects. According to the Executive Chairman at Starbucks, the company is working on the implementation of a payment application based on blockchain technology. Is Starbucks planning launching a cryptocurrency?

Starbucks Blockchain Payment Platform

Howard Shultz, Starbucks Executive Chairman, stated on February the 27th, that blockchain technology will be integrated with a Starbucks application. The comments don’t let us think that Starbucks will use Bitcoin. Some weeks ago, Mr Shultz said that he does not trust Bitcoin because it will not be used as a currency in the future.

Howard Shultz commented about it:

“I personally believe that there is going to be a one or a few legitimate trusted digital currencies off of the blockchain technology. And that legitimacy and trust in terms of its consumer application will have to be legitimize by a brand and a brick and mortar environment, where the consumer has trust and confidence in the company that is providing the transaction.”

But even when companies do not use cryptocurrencies or accept them as a means of payment, they are working with blockchain technology. Shultz has explained that the company will be benefited by using blockchain technology to improve its products and services.

Starbucks is searching different ways in order to adapt itself to the new competitive market. Blockchain technology will be an important tool required in order to keep improving the brand inside and outside its stores.

“The real question is any brick-and-mortar retailer these days is how do you become as relevant outside of your stores as you have inside?” he said during an interview. “If you look at what we have accomplished to date and what we are now talking about, the future of Starbucks domestically and around the world is our best days are in front of us,” he added.

At the moment there is no clear information about the project or when it will be implemented.

Burger Kind and Walmart Use Blockchain Technology

There are some companies in the market that are using blockchain technology to improve their efficiency. For example, Walmart is using blockchain technology in order to track food from the farm up to the fridge. Per year, hundreds of thousands individuals die after eating contaminated food.

Blockchain allows companies to track the whole supply chain in just a few seconds. The same are doing IBM and Maersk, trying to improve the supply chain and have a strict control on it.

Burger King, instead, has developed a cryptocurrency known as Whippercoins that are used to purchase free burgers at their stores. Every 1,700 Whoppercoins, there customer can order a free burger.

This is just a simple way for attracting more consumers, and Starbucks knows it. With an application built on top of blockchain, it can process faster payments and orders.

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