SUKU, a blockchain-based supply chain transparency solution, today announced the release of SUKU DeFi. The Social Impact Protocol serves as the basis for the SUKU’s microfinance ecosystem to support non-banks and underserved people.
SUKU’s DeFi protocol is leading the way in helping brands and retailers meet the growing demands of conscious customers for transparency in the supply chain. It will be the key to encourage the participation of the smallest suppliers. local farmers and artisans; which are often one of the first steps on the way to a product.
“Currently there is a significant amount of resources locked into various DeFi protocols and SUKU DeFi should create demand on the borrower side from participants who actually need DeFi. We are very excited to launch SUKU DeFi with the aim of providing those who have been disenfranchised from traditional funding with access to essential services, including microcredit. Brands and retailers can show support for initiatives with a social impact by making SUKU DeFi available to their suppliers as well. “
– Yonathan Lapchik, CEO of SUKU
Customers get product traceability
Brands commission SUKU to ensure transparency and traceability of their products by collecting and reviewing data across the actors in the supply chain.
Brands create social impact
Increased brand transparency in connection with the efficiency of the supply chain enables brands to differentiate products and to review product claims.
Suppliers get access to microcredit
SUKU offers brands access to an ecosystem of companies without intermediaries to explore new opportunities.
If a supplier provides data entries in the SUKU ecosystem in order to check the product transparency, he is given access to DeFi services via the SUKU DeFi protocol. This ability could provide many smallholder farmers, local artisans, and others underserved by the traditional financial industry with new potential sources of income and access to financial services that would otherwise not be available to them.