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Supply chains are the lifeblood of the economy. They dictate how everything from raw materials to an Amazon parcel arrive in their intended locations. But supply chains are complex, making it difficult to trace back the origin of a delivery to suss out issues that arise, minimize losses, or ensure accountability. Companies need digital solutions to transform operations and better manage their unwieldy supply chains to boost visibility, increase efficiency, and ultimately stay relevant.
One startup that’s offering a product in this space is Citizens Reserve, which just unveiled its blockchain-based supply chain platform. Business Insider Intelligence spoke with Citizen's Reserve CEO Eric Piscini about the company’s solution, its approach to the market, and the supply chain space that it’s engaging with.
Challenge: Companies lack a simple means of creating visibility into the movement of products and materials, from production to the end customer, and accordingly struggle to discern the origin of materials from their records. So when there are problems such as e-coli infected produce, they can’t trace the origin of that batch through their supply chain, and can't act swiftly to remove contaminated items. Complicating this picture further is that when numerous parties are involved — as is often the case — sharing this sort of data is very difficult. Companies need solutions to manage these chains, whether they’re developed in-house or provided by a partner on a service basis.
Strategy: Citizens Reserve has partnered with Smartrac to integrate the latter’s RFID products as well as other tracking solutions into its supply-chain-as-a-service platform. The solution employs a pair of blockchains: It [...]