JP Morgan Portfolio Company Partners With Blockchain Startup Run By Former Deloitte Boss
January 22, 2019
Former Deloitte boss turned Citizens Reserve head, Eric Piscini, confirmed a partnership with Smartrac, a JP Morgan portfolio company dealing in the product digitization space. Citizens Reserve will use its blockchain-powered SUKU supply chain platform to integrate with Smartrac.
Smartrac is one of the world's top players in the Radio-Frequency Identification (RFID) and Internet of Things (IoT) technology space. Smartrac's involvement spans many industries, such as food. According to a statement, "Smartrac is a JP Morgan major portfolio company and Alibaba recently took a minority stake to deploy enhanced brand protection solutions."
The partnership with Citizens Reserve looks to help bring Smartrac's technology into the blockchain world, connecting the digital and physical world. Adding blockchain to the supply chain also provides a new aspect of security and tracking. Blockchain has the potential to significantly cut down on tampering due to its immutable ledger.
Chief Technology Officer (CTO) Dinesh Dhamija explained to me via email correspondence,
"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."
Citizens Reserve's SUKU platform is a supply chain platform built on the blockchain. According to Dhamija, Citizens Reserve utilizes both ethereum's blockchain, as well as Quorum's blockchain, which is JP Morgan's etheruem-based blockchain. Citizens Reserve CEO Eric Piscini told me in an interview that they are building a multi-component platform and ecosystem, including a marketplace and a "track and trace" functionality.