JP Morgan-Backed Company Collaborates with Blockchain Startup

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As per a tweet, JP Morgan-backed firm Smartrac has collaborated with SUKU Ecosystems, a blockchain startup owned by former Deloitte exec Mr. Eric Piscini.

SUKU, which is collaborated 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 digital currency, ZERV, which was created on an ERC20 token.

Mr. Piscini, CEO at both Citizen and SUKU, stated that the new collaboration aims to resolve major issues related to supply chain digitization. As per Mr. Piscini, the new blockchain integration will enhance tracking, security, and transparency across the supply chain. Mr. Dinesh Dhamija, CTO of Citizens Reserve, stated:

“The combination of Smartrac’s digital enablement capabilities along with Citizen’s Reserves’ SUKU platform will give a unique identity for each physical product with a transparent and accessible supply chain solution.”

Netherlands-based Smartrac specializes in the Internet of Things technology and is reportedly the world’s biggest 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 company, lately included blockchain in its Tech Trends 2019 report, stressing its disruptive nature and outlining blockchain as “the unsung hero of our digital future.”