Blockchain startup Citizens Reserve announced Suku, a blockchain-based platform intended to help users open new markets, improve operations and reduce costs of running supply chains.
Its features include access to real-time, transparent data around the precise location of goods, privacy of partners, a bid and order marketplace, the ability to audit activities and the automation of contractual agreements, according to the Los Gatos, Calif.-based company.
“With Suku, we’re planning to build the decentralized supply chain as-a-service platform that can span across industries, enabling our trading partners to interact in a way that’s been all but impossible up until now,” Citizens Reserve CEO Eric Piscini said in a news release.
Designed to be industry-agnostic, from farming to pharmaceuticals to electrical goods, the Suku platform anticipates the use of two blockchains, Ethereum and Quorum, to maximize the benefits of both networks.
The public Ethereum blockchain, used extensively for smart contract deployments, is expected to handle supply chain payments. The by-permission Quorum blockchain aims to facilitate transactions such as bids and offers in which confidentiality is critical.