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A tech startup backed by a team of blockchain veterans led by Deloitte’s Former Global Blockchain Lead, Eric Piscini, has unveiled a blockchain-based supply chain solution.
Based in California, Citizens Reserve has announced SUKU – an industry agnostic supply chain solution that aims to address the issues of transparency, efficiency, and product visibility in legacy systems.
As businesses increasingly work with myriad partners on a global scale, they have to face a number of challenges presented by supply chain management. These challenges are further accentuated by the lack of one global governing body or a set of standards to ensure end-to-end visibility.
“The current supply chain environment is complex and difficult to navigate. Almost all enterprises require a supply chain to some extent, but the technology supporting them remains expensive, inefficient and fragmented,” Eric Piscini, Citizens Reserve CEO, said. “With SUKU, we’re planning to build the decentralized supply chain as-a-service platform that can span across industries, enabling our trading partners to interact in a way that’s been all but impossible up until now.”
SUKU’s unique ‘supply chain-as-a-service’ concept seeks to eliminate the three primary obstacles in supply-chain by providing visibility of products, access to capital and innovation, and engagement between various stakeholders (suppliers, manufacturers, distributors, retailers, and others). It aims to display the precise location and status of goods in real-time in order to enhance the visibility of the supply chain.
SUKU expects to open new markets, improve operations, and reduce cost of running supply chains. In addition to increased visibility, it aims to ensure privacy of partners, a bid and order marketplace, auditability of activities and the automation of contractual agreements.
The platform will be designed to be industry agnostic, ensuring its applicability across industries – from farming, to pharmaceuticals, to electrical goods.
Importantly, the SUKU platform anticipates the use of two blockchains, Ethereum and Quorum, to maximize the benefits of both networks:
- The public Ethereum blockchain, used extensively for smart contract deployments, is expected to handle supply chain payments.
- The permissioned Quorum blockchain aims to facilitate transactions such as bids and offers, where confidentiality is critical.
SUKU’s native token is necessary to incentivize and reward partners of the platform. The platform’s built-in transparency and auditability also project to empower more socially responsible practices amongst trading partners by providing greater awareness about the provenance and origin of goods, as well as the values of the organizations they work with.
