Blockchain Startup SUKU Ecosystem Teams With JP Morgan Portfolio Company SmartracJanuary 23, 2019
Smartrac, a digital services firm backed by JP Morgan, has partnered with blockchain startup SUKU Ecosystem to integrate SUKU’s supply chain platform.
Smartrac develops, manufactures, and supplies radio frequency identification (RFID) and NFC transponders and inlays primarily in Europe, Asia, North America, and Latin America. The firm is a JP Morgan major portfolio company and Alibaba recently took a minority stake to deploy enhanced brand protection solutions.
SUKU, owned by former Deloitte executive Eric Piscini, provides global supply chain solution based on blockchain technology. It aims to make supply chains more efficient, transparent, and collaborative by offering a supply-chain-as-a-service platform to enterprises. The company’s platform enables the community and technology partners to develop and integrate features throughout the SUKU Ecosystem.
Under the partnership, SUKU will integrate its supply chain platform, which is based on the public ethereum blockchain, with Smartrac to provide a new aspect of security and tracking to Smartrac’s technology. As part of the partnership, SUKU will gain access to Smartrac’s technology, contacts and industries, while Smartrac will be able to access SUKU’s blockchain technology, industry presence and applications.
Piscini, who is also the CEO of SUKU’s parent company Citizens Reserve, said that the partnership aims to resolve major problems related to supply chain digitization, adding that the integration will improve tracking, security, and transparency across the supply chain.
“RFID tags are critical when you think about supply chain and what we do, we do supply chain on blockchain, and when you need to track an item using the supply chain, whether it’s components or it’s a final product, you need RFID tags, and the partnership is really for us to be able to provide a complete solution to our clients,” Piscini said.
Dinesh Dhamija, CTO of Citizens Reserve, said that the combination of Smartrac’s digital enablement capabilities along with Citizen’s Reserves’ SUKU platform will provide a unique identity for each physical product with a transparent and accessible supply chain solution.
“As a company, Smartrac helps solve problems for customers through RFID solutions including traceability, prevention of data tampering and counterfeit goods,” Dhamija said. “We embedded transponders into physical goods in the raw materials stage, which allows for high traceability during the manufacturing and shipping processes. Complimenting RFID technology, blockchain is able to autonomously track physical goods through the whole supply chain process.”
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