The Jiritsu Network, renowned for its advancements in verifiable computing, has unveiled the debut of Jiritsu Layer 1, constructed on Avalanche’s Subnet technology stack. Empowered by Zero-Knowledge Multi-Party Computation (ZK MPC), Jiritsu seeks to revolutionize the representation, verification, transaction, and utilization of complex real-world assets (RWAs) on-chain.
Leading the charge in ZK MPC innovation, Jiritsu has made significant progress in addressing core issues surrounding EVM computational constraints, integration of off-chain data, and automation of workflows based on off-chain triggers.
While Jiritsu boasts applicability across a broad spectrum of on-chain scenarios, its Layer 1 launch is inaugurated in collaboration with Everready Group – a prominent player in medical supplies, retail, and e-commerce, notably within Amazon’s Fulfillment by Amazon (FBA) program. Everready embraces Jiritsu’s “Proof of Inventory” solution to authenticate inventory, with over $20M in daily inventory verification and monthly transactions surpassing $15M, encompassing more than 100,000 SKUs.
This partnership not only marks Everready’s inaugural adoption of Jiritsu’s technology but also reinforces its dedication to precision and dependability in supply chain management.
Michael Perl, CEO of Everready, expressed that the integration of Jiritsu Proof signifies a significant advancement for Everready and the wider e-commerce sector. By harnessing this state-of-the-art technology, Everready can now validate and safeguard vast daily inventories, underscoring their commitment to transparency and trust in every transaction. This strategic move not only enhances operational capabilities but also establishes a new benchmark for asset management in the digital era.
The ZK MPC technology central to Jiritsu’s Layer 1 network ensures the secure verification and authentication of crucial off-chain asset data, which often lacks standardization and transparency, thus ensuring accurate on-chain representation. This breakthrough facilitates more resilient asset tokenization, bolstering various on-chain applications in supply chain, logistics, banking, capital markets, and beyond. Jiritsu’s capabilities have the potential to mitigate friction, costs, and time associated with traditional asset processes while enhancing privacy, security, and trust.
Morgan Kruptesky, Senior Director of Business Development for Institutions & Capital Markets at Ava Labs, commended the collaboration, highlighting Ava Labs’ commitment to pushing boundaries in asset tokenization through innovative partnerships in the ZK and asset tokenization spheres, such as Jiritsu. The launch of Jiritsu on Avalanche underscores the network’s leadership in this rapidly evolving domain, providing expanded avenues for security, authentication, and efficiency in managing real-world assets on-chain. The Avalanche network continues to demonstrate its ability to deliver swift, adaptable, and robust blockchain solutions tailored to the intricate demands of modern finance.
The introduction of Jiritsu Layer 1 not only promises to revolutionize the tokenization landscape but also signifies a leap forward in on-chain asset management. By enabling on-chain verification of historically challenging-to-verify assets, Jiritsu aims to reshape digital asset transactions, unlocking fresh investment opportunities and ownership prospects across diverse sectors.
With enhanced capabilities and a foundation powered by Avalanche, Jiritsu is poised to support a new wave of ambitious RWA projects.
