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Blockchain Platform Leverages RFID Solution for Inventory Management
Citizens Reserve is providing its blockchain solution, enabled by Smartrac's Cosmos software, to the livestock and retail markets, so users can share data with other supply chain members and consumers to validate the conditions of animals and meat.
"When users do decide to share data, they must trust that the received information is valid without any way to verify," Lapchik states. "The SUKU blockchain enablement changes this," by allowing users to reconcile shared information against an immutable, verified ledger. In that way, each item has an irreversible identity that cannot be faked, copied or lost, due to the immutable nature of blockchain technology.
Citizens Reserve first demonstrated its solution in November 2018 at the MarketWave18 conference, then announced its partnership with Smartrac in January of this year. While members of the livestock industry are piloting the technology early this year, the company expects to see use cases beyond livestock in other supply chains.
"Third-party developers and technology partners can leverage this existing infrastructure to build new supply chain applications." Lapchik says. "We see our planned efforts with Smartrac playing a foundational role in the long-term development of RFID-blockchain solutions." Those, he notes, will be complimented by what he expects to be innovative products created by technology partners.
The company intends to commercially launch the platform later this quarter. Citizens Reserve sells its solution to suppliers, manufacturers, distributors and retailers within each supply chain, but end users can access applicable information.
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