JP Morgan-Backed Firm Partners with Blockchain Startup Owned By Former Deloitte Exec
JP Morgan-backed digital services firm Smartrac has partnered with a blockchain startup run by a former Deloitte exec.
SUKU, which is parented by another Piscini-owned blockchain firm Citizen Reserve, will provide its platform to integrate with Smartrac’s supply chain. Smartrac is a radio-frequency identification (RFID) inlay manufacturer. Based on the public Ethereum (ETH) blockchain, Citizens Reserve’s platform is operating its own cryptocurrency, ZERV, which was developed on an ERC20 token.
Piscini, CEO at both SUKU and Citizen, said that the new partnership aims to resolve major problems related to supply chain digitization. Per Piscini the new blockchain integration will improve tracking, security, and transparency across the supply chain. Dinesh Dhamija, CTO of 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.”
Netherlands-based Smartrac specializes in Internet of Things (IoT) technology, and is reportedly the world’s largest supplier of electronic passports inlays. In July 2018, global e-commerce giant Alibaba Group acquired shares in Smartrac, while JP Morgan reportedly remained the largest shareholder.
Deloitte, a Big Four audit and consulting firm, recently included blockchain technology in its Tech Trends 2019 report, stressing its disruptive nature and outlining blockchain as “the unsung hero of our digital future.”