Blockchain-as-a-service: Citizen’s Reserve

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Blockchain-as-a-service: Citizen’s Reserve

Citizen’s Reserve, has announced an industry-agnostic supply chain solution based on blockchain technology. Called SUKU, the new ecosystem will function as Blockchain-as-a-service ecosystem with a single, global platform for trading partners.

The company intends to provide key advantages including access to real-time, transparent data around the precise location of goods, the privacy of partners, a bid and order marketplace, auditability of activities, and the automation of contractual agreements. aimed at tackling transparency, efficiency, and product visibility in legacy systems.
The platform will use two separate blockchains to achieve this goal. The Ethereum blockchain will handle supply chain payments, whereas Quorum will focus on transactions such as bids and offers where confidentiality is important.

The current supply chain environment is complex and difficult to navigate,

says Citizen’s Reserve CEO Eric Piscini. Counterfeit products and fake goods are just a few instances where the Blockchain-as-a-service could improve the provenance of items across the supply chain, he believes.
According to the OECD, imports of counterfeit and fake goods is worth nearly half a trillion dollars each year, or around 2.5 per cent of global imports.

From hardware to energy, all industries utilizing a supply chain take risks working with untrusted partners,

Piscini says.

The true value of a decentralized ecosystem comes in its nature of being trustless and having no single point of failure.

SUKU will display the location and status of goods in real-time, so all parties involved can act proactively, instead of reactively when an issue arises. Additionally, the platform lets companies access new marketplaces and technologies through it, connecting to better suppliers, manufacturers, distributors, and retailers.

Author: Tim Cole
Image Credit: Pixabay

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  1. Pingback: Blockchain-as-a-service: Citizen’s Reserve – SMART INDUSTRY – Official Blockchain News & Information

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