Ex-Deloitte Exec of Citizens Reserve Partners with JP Morgan’s Smartrac to Use SUKU Blockchain Ecosystem
Smartrac is a digital services firm with the backing of JP Morgan, but a new collaboration will allow them to use their manufacturing processes in a different way. SUKU Ecosystem took to Twitter today to confirm their new collaboration with the firm, using their supply chain to find a solution for digitization concerns.
Eric Piscini, the owner of SUKU Ecosystem and former executive to Deloitte, is in charge of another blockchain firm that owns SUKU, which is Citizen Reserve’s subsidiary. The Citizen Reserve platform is planning to open their own crypto asset called ZERV, created upon an ERC20. Smartrac, however, is a manufacturer for radio-frequency identification (RFID) inlays.
On the subject of RFID inlays, Piscini said,
“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.”
Elaborating, CTO Dinesh Dhamija of the Citizens Reserve said,
“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.”
Piscini discussed how the partnership plans to help with the major issues that arise in the digitization of the supply chain as well. The integration of blockchain will make it possible to improve the security, transparency, and tracking in the supply chain. After the digitization happens, the digital counterparts to all physical components will need to match.
Smartrac, which is based in the Netherlands, specifically focuses on the Internet of Things (IoT) technology, earning them the title of the largest supplier of electronic passports inlays in the world. Though JP Morgan is still the largest shareholder, Alibaba Group acquired their own shares of Smartrac in July last year.