How can we be sure about where the products we buy, come from?
A growing number of consumers are asking themselves this question, resulting in an increased demand for companies to be more transparent, source ethically and to include customers when giving back to those in need. In fact, more than nine out of 10 millennials would switch brands to one associated with a ‘good’ cause.
Most businesses struggle to make those connections. SUKU is a blockchain-based solution, bridging the gap between socially conscious consumers and brands, by providing a means to verify product history and authenticity.
SUKU does this by:
- Providing consumers access to transparent, verified products.
- Providing companies the ability to connect with these kinds of consumers.
How does it work?
SUKU aims to become the universal symbol of truth for consumers and brands, making commerce more transparent and efficient through the power of a blockchain-based ecosystem.
For a quick and easy overview of SUKU, check out the video below:
The SUKU Scanner
The SUKU Scanner is a verification tool that traces products from raw materials to finished goods, allowing brands to offer differentiated, transparent products with attributes that consumers can view and verify on the SUKU blockchain, with information captured via the SUKU Platform. SUKU is starting with meat and livestock as an initial use case.
The SUKU Platform
The SUKU Platform plans to enable retailers and suppliers to transact efficiently, securely and transparently. Product traceability is among the many efficiencies created through this interaction.
What are SUKU Tokens used for?
SUKU Tokens drive and incentivize certain behaviors to create mutual benefits for all participants in the SUKU Ecosystem.
Consumer engagement: Consumers are incentivized to interact with brands and can pass the value received to various members along the supply chain. Activities like scanning products, leaving reviews, and sharing with friends are driven with SUKU tokens.
Additionally, the wallet inside the SUKU Scanner allows consumers to access participants along the product’s history and pass on rewards to those who are traditionally less fortunate, such as farmers and raw material suppliers.
Platform growth and tech governance: Holding SUKU tokens enables technology partners to submit proposals for funding. Allocations of SUKU tokens have been set aside to incentivize contributions from developers and technology partners.
Developers and technology partners can submit proposals to build specific applications or services on top of SUKU, and need to hold SUKU tokens to do so. Token holders then vote on the proposals and decide which developers and activities are funded.
Node operations: SUKU Tokens are required to run a SUKU Node. This balance increases based on the amount of products the node submits for SUKU Verification. It is expected that each brand with SUKU Verified products will have access to their own SUKU Node.
Transaction fees: Transaction fees are used to validate data, such as the information related to SUKU verified products. Transaction fees are distributed in various ways to node operators and token holders.
Some interactions with SUKU, such as verifying a product, require a small SUKU transaction fee derived from the amount of data required to verify the product. Other interactions with the B2B SUKU Platform, such as completion of a payment, require transaction fees as well. Half of the transaction fee is distributed to node operators and half is sent to the developer allocations or nodes, depending on the type of transaction.
How is SUKU different from other solutions?
With other existing traceability and verification solutions, how does SUKU differentiate itself?
SUKU is focused on helping brands tap into the $2.5 trillion USD sustainable market for fast-moving consumer goods, while passing additional value to consumers. The goal is to provide solutions that are mutually beneficial to both parties, while many competitors have zero-sum solutions focused on only large corporations.
Competitors as integration opportunities
The SUKU Platform was designed in a modular way, allowing for the integration of additional service providers on top of core SUKU services. This enables SUKU to treat projects traditionally viewed as competitors as partners instead, creating a collaborative environment with added functionality for users.
Many traceability solutions implement their products in an isolated environment (particularly non-blockchain solutions), which is controlled and relied upon by entirely one party. The SUKU Blockchain allows brands and consumers to be stakeholders in the network, influencing development decisions and gain the security of a collective.
SUKU has been designed and developed by top talent from Deloitte’s blockchain consulting practice, which has an extensive history in delivering blockchain-based solutions, designs and strategies for Deloitte clients. For more on our team, click here.
How do you become a part of SUKU?
The SUKU IEO goes live on Liquid on October 28. The private sale is live now.
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