Blockchain Supply Chain Solution Announced By Citizens Reservebr>
Blockchain startup Citizens Reserve has unveiled a new blockchain supply chain solution for enterprise designed to work with any industry.
Citizens Reserve is a blockchain technology company focusing on the development of powerful solutions that aims to transform businesses on a global scale. The startup is headed by a group of former Deloitte employees, including Eric Piscini, Deloitte’s Former Global Blockchain Lead.
On Wednesday, Citizens Reserve announced the SUKU ecosystem, a blockchain solution that aims to make supply chains more efficient, transparent, and secure by offering a supply-chain-as-a-service platform to businesses. The solution intends to provide trading partners with real-time data on the location of goods, along with functionality that lets them use a bid-and-order marketplace and create automated contracts.
“The current supply chain environment is complex and difficult to navigate,” said Eric Piscini, Citizens Reserve CEO. “Almost all enterprises require a supply chain to some extent, but the technology supporting them remains expensive, inefficient and fragmented. 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 is utilizing the ethereum and Quorum blockchains to enable its supply chain tracking capabilities. Ethereum will be used to handle payments across supply chains by providing an exchange currency called “Suku Token.” Quorum will focus on transactions such as bids and offers where confidentiality is important.
Piscini argues that the recent pharmaceutical scandal in China highlights the “need for one layer of connection for trading partners to communicate and transact.”
“From hardware to energy, all industries utilizing a supply chain take risks working with untrusted partners,” Piscini said. “The true value of a decentralised ecosystem comes in its nature of being trustless and having no single point of failure.”