Blockchain startups have been booming across the spectrum with many of them being headed by former mainstream players or bankers. This further sheds light on the growing dominance of the digital assets space.
To keep this surge going, Smartac, a JP Morgan portfolio company dealing in the product designation space has partnered with blockchain startup Citizens Reserve.
According to reports, Citizens Reserve is a supply chain platform built on the blockchain. This enables it to conduct transactions and process code much faster than conventional methods. The startup is slated to use its blockchain-based SUKU supply chain platform to integrate with the JP Morgan affiliate.
Addressing the latest partnership, Dinesh Dhamija, the CTO of Citizens Reserve stated:
“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.”
Dhmaija also mentioned that the partnership will allow Smartac to bring its technology into the blockchain world. This is not the first time that the supply chain industry has dabbled in blockchain technology. Industries such as shipping and transportation have already taken the leap into the world of digital assets earlier.
JP Morgan had tasked Smartac with creating a more immutable ecosystem for industries such as food and the latest move is a step in that direction. The company utilizes RFID technology as well as the much-hyped Internet of Things [IoT].
With the latest partnership, Smartac will be able to use Citizens Reserve’s resources on the Ethereum blockchain. At the same time, it will also be able to tap into JP Morgan’s native Quorum blockchain.
Both the companies have clarified that utilizing blockchain technology in sectors such as the food and beverage marketplace gives it more credibility. Eric Piscini, the chief executive of Citizens Reserve added:
“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 specific RFID technology used by Smartac is aimed to solve real-world problems faced by customers. This includes increasing traceability of products, prevention of data tampering and the transport of illegal commodities. Using the Ethereum blockchain provided by Citizens Reserve, customers will be able to track physical goods from the pickup to drop point.
Piscini earlier worked in the blockchain department at Deloitte, making it one of the first mainstream companies to enter the decentralized sectors. Since his exit, the Citizens Reserve CEO has made it his mission to include blockchain tech in a variety of sectors.
He revealed that the first application will be in the meat industry and will not rest until its dominated. Citizens Reserve also has long term plans to carry this blockchain technology into several other institutionalized sectors.