Blockchain Startup Founded By Deloitte Vets Unveils Supply Chain Platform
A blockchain startup run by former Deloitte execs plans to launch a new platform built on ethereum and quorum to streamline supply chain processes.
A blockchain startup headed 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. As far as technology goes, SUKU will leverage both the ethereum and quorum blockchains.
Separate from the company's previously reported Zerv network, SUKU aims 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. At the same time, the platform is designed to offer privacy to those users, and will effectively serve as a "supply chain-as-a-service" hub.
CEO Eric Piscini, Deloitte's former global blockchain lead, said in the announcement that recent events have proven the need for improved supply chain systems, citing this summer's pharmaceutical scandal in China as one example.
The SUKU decentralized supply chain platform will be built to work across different industries, Piscini said, "enabling our trading partners to interact in a way that's been all but impossible up until now."
As envisioned, SUKU would use the ethereum component to run its smart contracts, with the terms of a transaction stored on the blockchain and payments automatically executed as the requisite criteria are fulfilled. The quorum blockchain would be permissioned, acting as a private marketplace for vendors and bidders.
An accompanying SUKU token will be used to reward the platform's partners and serve as the basis for an incentive mechanism.
Shipping yard image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.