The new Jiritsu L1 launches with Everready Group, verifying over $20M in inventory daily and 100,000+ SKUs
Dover, Delaware, April 26, 2024 (GLOBE NEWSWIRE) -- Today the Jiritsu Network, a pioneer in verifiable computing, announced the launch of Jiritsu Layer 1, built on Avalanche’s Subnet technology stack. Powered by Zero-Knowledge Multi-Party Computation (ZK MPC), Jiritsu aims to change how complex real world assets (RWAs) – such as private equity, real estate, supply-chain assets, and many others – are reflected, verified, transacted, and further leveraged on-chain. In leading innovation with ZK MPC technology, Jiritsu has made strides in tackling fundamental challenges around EVM computational limitations, ingesting off-chain data, and automating workflows based on off-chain triggers.
While Jiritsu can be applied to a wide range of on-chain use cases, the Layer 1 is launching with Everready Group – a major retailer of medical supplies and equipment, retail items, home goods, and more in the wholesale and e-commerce world. As a leading firm in Amazon’s Fulfillment by Amazon (FBA) program, Everready is adopting Jiritsu’s “Proof of Inventory” product to verify inventory. Jirtisu is verifying more than $20M in daily inventory, with monthly transactions of over $15M and 100,000+ SKUs.
This collaboration leverages Jiritsu's technology for the first time, all while reinforcing Everready's commitment to precision and reliability in supply chain management.
"Adopting Jiritsu Proof signifies a monumental leap forward for Everready and the broader e-commerce industry," said Michael Perl, CEO of Everready. "By leveraging this cutting-edge technology, we are now able to verify and secure an immense daily inventory, showcasing our dedication to transparency and trust in every transaction. This move not only enhances our operational capabilities but also sets a new standard for asset management in the digital age."
The ZK MPC technology at the heart of Jiritsu’s Layer 1 network securely verifies and authenticates vital – but often opaque and non-standardized – information about off-chain assets, ensuring that they are properly and transparently reflected on-chain. This breakthrough unlocks more robust asset tokenization, strengthening a whole host of on-chain use cases in supply chain, logistics, wholesale and retail banking, capital markets, and other areas. Jiritsu’s capabilities have the potential to reduce the friction, cost, and time associated with traditional asset transactions and processes while enhancing privacy, security, and trust.
"Ava Labs is proud to keep opening new frontiers in asset tokenization through ambitious projects with forward-looking partners in the ZK and asset tokenization space like Jiritsu," said Morgan Kruptesky, Senior Director of Business Development for Institutions & Capital Markets at Ava Labs. "The launch of Jiritsu on Avalanche underscores the network’s leading position in this fast-emerging field while providing expanded options for security, authentication, and efficiency in managing real-world assets on-chain. The Avalanche network continues to prove that it can provide fast, flexible, robust blockchain solutions that meet the complex needs of modern finance."
The launch of Jiritsu Layer 1 not only has the power to enhance the tokenization landscape, but also marks a step forward in on-chain asset management. By enabling the on-chain verification of historically hard-to-verify assets, Jiritsu aims to reshape digital asset transactions, enabling new opportunities for investment and ownership across a myriad of sectors.
With expanded capabilities and an Avalanche-powered foundation, Jiritsu is primed to support a new class of ambitious RWA projects.
For more, visit Jiritsu at jiritsu.network.
About Jiritsu Network
Jiritsu Network is a pioneer in the field of blockchain technology, focusing on the tokenization and verification of real-world assets through its innovative use of ZK MPC technology. The launch of Jiritsu Layer 1 represents a significant advancement in making digital asset management more accessible, efficient, and secure.
About Everready
Everready is at the forefront of the e-commerce industry, offering innovative solutions that streamline the online shopping experience. As a 2P partner with Amazon FBA, Everready has revolutionized how vendors manage inventory, ensuring product availability, and rapid delivery. With a focus on transparency, reliability, and efficiency, Everready is committed to exceeding customer expectations, cementing its position as a leader in the e-commerce sector.
About Avalanche
Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.
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Please see this important notice.
For more information, press only:
Ava Labs: press@avalabs.org
PR Contact Email: Jiritsu@winn.solutions
For more information on Everready and Jiritsu Proof:
Everready Website
CONTACT: Jarred Winn abc1232A Winn.solutions 4157475999 jiritsu@winn.solutions jacob@jiritsu.network kaitlin.starcher@avalabs.org
