Los Gatos, CA – FEBRUARY 3, 2021 – SUKU, a blockchain-powered, Supply Chain as a Service ecosystem, today announced that they are the first organization to leverage the Hedera Token Service (HTS) and Hedera Consensus Service (HCS), having migrated their product suite from Ethereum to Hedera Hashgraph to benefit from the speed, security, stability, and governance that the third-generation distributed ledger platform provides.
SUKU’s newly released INFINITE iOS application for tagging authentic sneakers is the first application to migrate to Hedera. In contrast with expensive gas fees on the Ethereum blockchain, with Hedera, SUKU end-users benefit from extremely low-cost transactions, ensuring a frictionless and seamless experience. SUKU provides the tiny hbar payment on behalf of the users, which provides the cryptographic proof, immutability, and security of the distributed ledger.
The new INFINITE app and discrete NFC tag (Patent Pending) are designed to remain concealed inside the sneaker’s toe and provide a tamper-proof digital authenticity title. It functions as a physical-to-digital bridge, linked to a Hedera-based digital title that enables secure ownership transfers, authenticity record lookup, and reporting of lost/stolen products.
SUKU’s Omni platform will be the second to migrate to Hedera and aims to become the universal symbol of truth for consumers and brands, making commerce more transparent and efficient through the power of blockchain and distributed ledger technology. The Omni platform suite is composed of four core product offerings: Omni Engage + SUKU Scanner App, Omni Discover, Omni Sustain, and Omni Link. Omni is currently being leveraged by global brands including Cencosud, the third-largest retailer in Latin America, to trace products from raw materials to finished goods and through the lifecycle of product ownership. This allows brands to offer differentiated, transparent products with attributes that consumers can view and verify through the SUKU distributed ledger.
“As we expanded the capabilities and use-cases for SUKU, it became clear to us that the cost of doing these transactions on Ethereum was prohibitively expensive at scale,” said Yonathan Lapchik, CEO of SUKU. “Our vision is to become the predominant supply chain platform, serving millions of brands and billions of participants and consumers around the world. We needed this platform to run on a distributed ledger that would meet our scalability and cost requirements. After a thorough review, it became clear that the Hedera network was the only option that will be an enabler, not a roadblock, in making that vision a reality.”
Mance Harmon, CEO and co-founder of Hedera Hashgraph, said, “SUKU is transforming consumer markets by providing brands and retailers with the tools they need to meet rising demands for product authenticity and supply chain transparency. They have proven their ability and technical expertise to onboard large corporations and brands to help them connect with conscious consumers. We are incredibly excited to announce SUKU as the first platform to migrate to Hedera Token Service, and we look forward to continuing to support SUKU's first-of-its-kind offering with the speed, scalability, and security enabled by our distributed ledger technology.”
SUKU provides an irrefutable, traceable digital record and offers additional benefits to both buyers and sellers. Suppliers and retailers may transact without intermediaries, provide traceability and visibility across their supply chain, reduce theft and fraud, ensure provenance, and gain insights on which to differentiate their products going forward. Potential buyers benefit from visibility into the “DNA” of a product, transparency for conscious consumers into what they’re purchasing, and distributed ledger verified reviews and products that enable more informed buying decisions.
SUKU aims to make commerce more transparent and efficient with blockchain-powered supply-chain solutions. By leveraging the traceability enabled by blockchain, SUKU provides brands and retailers with the transparency they need to meet the demands of a growing base of conscious consumers. To incentivize the participation of small suppliers, SUKU rewards participants with tokens that grant the holder access to key financial services, such as microloans, that are not otherwise available to them. The SUKU team consists of a group of successful entrepreneurs and corporate leaders with a background in supply chain and blockchain from Deloitte’s Blockchain Lab. SUKU is developed by its parent company Citizens Reserve, Inc. headquartered in Los Gatos, California. For more information, please head to www.suku.world, engage with us on Facebook, LinkedIn, Instagram, and Twitter or chat with our team on Telegram.
Hedera is a decentralized public network on which developers can build secure, fair applications with near real-time finality. The platform is owned and governed by a council of the world's leading organizations, including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.
For more information, visit https://hedera.com/, or follow us on Twitter at @hedera, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.