Starbucks is expected to use blockchain technology as part of a latest payments app, executive chairman Howard Shultz said Tuesday.
In conversation with Maria Bartiromo during a Fox business segment, Schultz talked about the use of a “proprietary digital currency” in the context of the payment application. When asked whether the coffee shop chain would use a blockchain in this initiative – in contrast to a more centralised billing system – Schultz said that the company would probably move in this direction.
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“I think blockchain technology is probably the rails in which an integrated app at Starbucks will be sitting on top of,” he commented.
His remarks come about a month after the former CEO spoke broadly during an income call about the chain’s plans to use the technology, especially on the payment area (although he rejected the idea that the company would use bitcoin in some manner).
At the time, Schultz suggested that tech could play a role in how Starbucks works, but it remains to be seen how the blockchain will eventually be used in the company’s practice.
“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,” he remarked during the earnings call.
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