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Yave to hold world’s first blockchain coffee auction

Blockchain platform Yave will host the world’s first blockchain coffee auction on 24 May, 2019.

Yave is organising the auction in conjunction with Guatemalan Coffees and the Producer and Roaster Forum. The auction will conclude the forum, taking place at Anacafé’s headquarters in Guatemala City from 23 to 24 May, 2019.

"The Yave Blockchain Auction at the Producer and Roaster Forum in Guatemala is the ultimate embodiment of stakeholder collaboration,” Yave Founder Scott Tupper says.

“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.”

Guatemalan producers from every growing region in the country are invited to participate and submit a lot, free of charge. The final 20 lots will be selected from multiple rounds of cupping with national and international Q-grader certified judges.

“Guatemalan Coffees and Anacafé recognise how technology like blockchain has the potential to revolutionise the coffee industry,” Anacafé’s Market Access and Sustainability Specialist Alejandro Molina says.

“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.”

According to Yave, roasters from Asia, Europe, Australia, and the United States have already committed to attend the auction.

Yave says its blockchain platform enables equitable price discovery on an online marketplace. It removes intermediates from the commodity/futures market and enables more transparent business between stakeholders in the supply chain.

A blockchain is an electronic decentralised ledger that consists of linked batches of transactions known as blocks. Every time a transaction occurs, each connected computer receives a copy of the blockchain, which has records and stands as proof of every transaction ever executed.

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