Tuesday, executive chairman Howard Schultz communicated that Starbucks will probably use blockchain technology in their new payments app.
During a Fox Business segment, Starbuck’S exec talked about using a “proprietary digital currency” with its new payment app. He also mentioned that he’d move more toward blockchain technology and decentralization , than to traditional centralized system of accounting.
“I think blockchain technology is probably the rails in which an integrated app at Starbucks will be sitting on top of,” said Schultz.
The former CEO of Starbucks already spoke about utilizing the blockchain technology, particularly for the payment mechanism. At the time, Schultz believed the technology could help Starbucks “expand digital customer relationships.”
“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.