According to a tweet dated January 22, Smartrac (A digital service firm backed by JP Morgan) has joined hands with SUKU Ecosystem (A blockchain startup) owned by Eric Piscini (former Deloitte exec). Suku Ecosystem which is a subsidiary firm of Citizen Reserve (blockchain firm owned by Piscini) will be making their platform available to collaborate with Smartrac’s supply chain. Smartrac is essentially a radio frequency identification (RFID) inlay manufacturer. Citizen Reserve’s platform operates its very own cryptocurrency ZERV which is based on the public Ethrereum (ETH) blockchain and is developed on an ERC20 token.
CEO at SUKU as well as Citizen, Eric Piscini said that the new collaboration has an aim which is to resolve major factors concerning supply chain digitalisation. According to what Piscini states, the new and upcoming blockchain integration will enhance transparency, security and tracking in the entire supply chain. The CTO of Citizen Reserve in one of his statements noted 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.’
Smartrac is a Netherlands based company which specialises in IoT technology (Internet of Things). According to reports, Smaartrac is the largest electronic passport inlays in the world. Alibaba Group (A global E-commerce giant) bought shares of Smartrac in July last year, however, JP Morgan is still the largest shareholder in the company.
The well-known big four audit and consulting firm, Deloitte in recent past incorporated blockchain technology in its Tech Trends report of 2019 while making a special focus on its disruptive nature and highlighting blockchain as ‘the unsung hero of our digital future.’