Introduction
SUKU Wiki — Phase 1 (Beta)
Last updated
SUKU Wiki — Phase 1 (Beta)
Last updated
From Engage-2-earn solutions to NFT marketplaces, SUKU empowers leading brands and visionaries with an ecosystem of Web3 technologies required to build audiences and engage with them in entirely new ways—in the physical world and in the Metaverse.
SUKU was co-founded in 2016 by a group of former Deloitte Blockchain executives with the idea that Web3 would revolutionize the way Brands & Creators connect with their customers, users, and fans.
Our first product, SUKU Omni, was built as a blockchain-based supply chain solution that aims to provide transparency of provenance data in the B2B trade. By tracking and publicly reporting on goods as they move through the supply chain, organizations are able to increase customer trust & engagement, increase employee retention, and decrease reputational risk (Bateman & Bonanni, HBR 2019).
Integration with the SUKU DeFi module was established as a way to incentivize supply chain participants to provide processes and manufacturing data to the blockchain. This especially allows earlier supply chain participants to have a voice in the production of goods as they have extended access to provide value to a brand's operations and image.
During the customer discovery process of SUKU Omni, it became clear that brands not only wanted to provide product transparency but were also eager to provide proof of their product's authenticity. With the rise of online markets and e-commerce sites, the counterfeit industry has grown to 3.3 percent of total world trade (2020 Review of Notorious Markets) and many organizations are feeling the effects (the sale of counterfeit goods not only reduces a brand's potential revenues but also increases the risk of damage to a brand's reputation).
The immutability of blockchain provides a novel solution to the problem of counterfeiting. Further development of SUKU’s Omni technology led to the creation of the INFINITE physical solution which combines blockchain, tamper-proof NFC tags, and a smartphone tracking application. The INFINITE solution, which can be placed inside any product, now enables the traceability needed to track not only how the product was manufactured but also by whom, in order to provide proof of authenticity.
The communicative nature of NFC tags functions as a physical-to-digital bridge for tagged products by linking them to a blockchain-based digital title. As SUKU began to explore ownership models it became clear that product life cycles could be extended as NFTs in virtual worlds. InfiniteWorld was bred out of this link between virtual and physical worlds and has become the go-to solution for brands and creators to participate in the digital revolution known today as the Metaverse.
Over the course of four years, SUKU has built an ecosystem of infrastructure solutions designed to serve brands and creators in both the physical and digital world.
Did you know SUKU was named 'Top 100 Blockchain Startup' by Forbes.
