JP Morgan portfolio company Smartrac has announced a partnership with a blockchain startup led by a former Deloitte executive, Eric Piscini. The announcement was first discovered by Forbes. Their new partner, Citizens Reserve, will leverage their blockchain platform called SUKU to rebuild Smartrac’s supply chain.
“The combination of Smartrac’s digital enablement capabilities along with Citizens Reserve’s SUKU platform will provide a unique identity for each physical product with a transparent and accessible supply chain solution,” said Dinesh Dhamija, Chief Technology Officer at Smartac.
However, the partnership will not function as a one-way street—in addition to the implementation, the two companies have agreed to swap technologies, contacts, and industry presence.
The partnership with Citizens Reserve looks to help bring Smartrac’s technology into the blockchain world, connecting the digital and physical world. Adding blockchain to the supply chain also provides a new aspect of security and tracking. Blockchain has the potential to significantly cut down on tampering due to its immutable ledger.
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.
Citizens Reserve’s SUKU platform is a supply chain platform built on the blockchain. According to Dhamija, Citizens Reserve utilizes both ethereum’s blockchain, as well as Quorum’s blockchain, which is JP Morgan’s etheruem-based blockchain. Citizens Reserve CEO Eric Piscini told Forbes in an interview that they are building a multi-component platform and ecosystem, including a marketplace and a “track and trace” functionality.
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.”
The partnership is mutually beneficial for Smartrac and Citizens Reserve. Citizens Reserve will have access to Smartrac’s technology, contacts and industries. In turn, Smartrac will have access to the same, utilizing Citizens Reserve’s blockchain technology, industry presence and applications.
RFIDs are just one example of Smartrac’s technology. The company has a variety of other methods, including QR codes, chips and GPS locators.
Seeing as how Smartrac covers so many industries, Citizens Reserve will start working with them only in the meat industry initially, tracking meat products from their origin, all the way to the customer.