SEATTLE – Starbucks has announced in the company’s quarterly investor call, plans to incorporate blockchain technology with the expectation to “expand digital customer relationships.”
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“I believe that we are heading into a new age, in which blockchain technology is going to provide a significant level of a digital currency that is going to have a consumer application,” said Starbucks Chairman, Howard Shultz.
Shultz believes Starbucks is distinctively placed to benefit from blockchain technology.
“We think we have something to offer the companies that are chasing this, because we are in a position to create the trusted legitimate place in which this could be accepted and possibly take advantage of the mobile payment digital platform that we have created.”
In 2015, Starbucks’ launched its own mobile payment application, allowing customers to utilize the app to order and pay, all while accumulating reward points.
Nearly one third of all Starbucks’ transactions in the U.S. are made using the mobile app, leading Shultz to mention establishing a cashless store in the U.S.