JP Morgan-backed digital services company Smartrac has partnered with SUKU Ecosystem. This is a blockchain startup owned by former senior Deloitte director Eric Piscini.
SUKU, which is managed by another Piscini-owned blockchain company, Citizen Reserve, will provide its platform for integration into the Smartrac supply chain. Smartrac is a manufacturer of inlays for Radio Frequency Identification (RFID). Based on the public Ethereum (ETH) Blockchain, the Citizens Reserve platform operates its own cryptocurrency called ZERV, which was developed on an ERC20 token.
Piscini, the CEO of SUKU and Citizen, said the new partnership should solve big problems related to the digitization of the supply chain. According to Piscini, the new Blockchain integration will improve the tracking, security and transparency throughout the supply chain. Dinesh Dhamija, the technical director at Citizens Reserve, said:
“The combination of Smartrac’s digital sharing capabilities with Citizens Reserve’s SUKU platform will give every physical product a unique identity with a transparent and accessible supply chain solution.”
Smartrac from the Netherlands specializes in Internet of Things (IoT) technology and is reportedly the world’s largest provider of electronic passports. In July 2018, global e-commerce giant Alibaba Group acquired shares in Smartrac, while JP Morgan was reportedly the largest shareholder.
Deloitte, a Big Four accounting and consulting firm, recently added Blockchain technology to its Tech Trends 2019 report. She emphasized the disruptive nature of Blockchain and describes her as “the unsung hero of our digital future”.
Also published on Medium.