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A blockchain startup led by a group of former Deloitte employees is launching a new supply chain platform.
Citizens Reserve announced the SUKU ecosystem on Wednesday, positioning it as "an industry agnostic supply chain solution" that seeks to improve how shipments are coordinated and tracked around the world. Regarding technology, SUKU will exploit both the ethereum and the quorum blockchain.
Separated from the previously reported Zerv network of the company, SUKU aims to provide business partners with real-time data on the position of assets, along with features that enable a market of orders and orders and create automated contracts. At the same time, the platform is designed to provide privacy to those users and will function effectively as a "supply chain-as-a-service" hub.
CEO Eric Piscini, Deloitte's former global blockchain leadchain, said that recent events have demonstrated the need to improve supply chain systems, citing China's pharmaceutical scandal as an example.
He added:
"The current supply chain environment is complex and difficult to navigate: almost all businesses require a supply chain to a certain extent, but supporting technology remains costly, inefficient and fragmented. "
The SUKU's decentralized supply chain platform will be built to work across a number of industries, Piscini said, "enabling our business partners to interact in a way that has been impossible until now."
As expected, SUKU would use the ethereum component to execute its smart contracts, with the terms of a transaction stored on the blockchain and automatically executed payments as required criteria are met. The quorum blockchain would be authorized, acting as a private market for sellers and bidders.
An accompanying SUKU token will be used to reward platform partners and serve as a basis for an incentive mechanism.
image via Shutterstock
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