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JP Morgan-backed Company Partners With Blockchain-startup SUKU

It became known that Smartrac, a digital services company supported by JP Morgan, has partnered with SUKU Ecosystem, the blockchain-startup lead by the former head of Deloitte. According to their tweet, SUKU will collaborate with Smartrac products.

Smartrac is a manufacturer of radio frequency identification (RFID) devices. The company specializes in Internet of Things (IoT) technology and is the world's largest supplier of inlays for electronic passports. SUKU is a division of the Citizen Reserve blockchain company. Citizen Reserve is based on the Ethereum and Quorum blockchain platforms.

Erik PISCINI, CEO of Citizen Reserve, announced that the new partnership aims to resolve key issues related to digitization of the supply chain. According to him, the new blockchain integration will improve the tracking, security and transparency of the entire chain. Dinesh DHAMIJA, CTO of Smartrac, noted:

“The combination of Smartrac’s digital enablement capabilities along with Citizen’s Reserve’s SUKU platform will provide a unique identity for each physical product with a transparent and accessible supply chain solution.”

In July 2018, the e-commerce giant Alibaba Group acquired Smartrac shares, while JP Morgan reportedly remained the company's largest shareholder.

Image courtesy of Smartrac

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