Starbucks Interested in Blockchain

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Will you be paying cryptocurrency in Starbucks in the future? For the coffee company, it is a possibility.

Starbucks and the Blockchain

Speaking with Fox Business, Howard Schultz, chairman of Starbucks, thinks the company will most likely use the blockchain in the future for virtual currency payments. “I think blockchain technology is probably the rails in which an integrated app at Starbucks will be sitting on top of,” said Mr. Schultz with the website.

Starbucks looks at the long term, and Mr. Schultz mentioned how digital currency will have a place in the consumer application.

On Legitimizing Cryptocurrencies

Mr. Schultz has mentioned his positive sentiment for the blockchain in the past. Many cryptocurrencies are payment systems, like bitcoin and litecoin. However, these coins are not received warmly by the majority of the public. For Mr. Schultz, cryptocurrencies can be legitimized if established firms will embrace them. If a brick-and-mortar firm supports a crypto, it is a vote of trust to the crypto itself.

Starbucks Philippines

Note that we are talking about Starbucks US in this article. The mother firm has a stake on Starbucks Philippines via a joint venture with Rustan Corp.

Starbucks and Bitcoin

It is also worth noting that while the company wants to build a payments app on the blockchain, bitcoin might not necessarily be used. In an earlier report, Starbucks doesn’t think bitcoin will be the payment medium of choice in the future and that it will become a store of value for people.

Source: Fox Business

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