Could diamonds be Security Matters’ best friend?
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Special Report: Security Matters has signed a deal with a Canadian diamond manufacturer to commercialise its trace technology for diamonds.
Brand protection, supply chain integrity and blockchain tech company Security Matters (ASX:SMX) will soon see its technology being used in the diamond industry, under a commercial agreement signed with Trifecta Industries.
Trifecta is a Canadian company specialising in the development and commercialisation of new technologies in the diamond industry — it produces some of the world’s finest cut-and-polished loose diamonds.
Under the terms of the deal, Trifecta will invest about AU$710,000 in four tranches over a period of 10 months to commercialise and scale Security Matters’ technology for the diamond industry, with a 50-50 joint venture company to be established.
Security Matters’ technology allows any solid, liquid or gas to be invisibly and irrevocably ‘marked’ using a chemical-based barcode.
It can then be read using a proprietary reader and stored via a blockchain record, ensuring its security.
This allows parties to keep an eye on moving parts over supply chains.
Security Matters and Trifecta say they are aiming for a commercial solution to be available to strategic customers by mid-2020.
“We are delighted to have signed this agreement with SMX as the next step in our collaboration towards launching a commercial product for diamonds,” said a spokesperson from Trifecta.
“SMX’s technology has enormous commercial application within the industry and has the potential to increase traceability and transparency throughout the entire supply chain.
“In addition to providing protection against fraud and theft, it has the potential to provide a clear traceable path for each diamond from mine to consumer.”
SMX founder and CEO Haggai Alon told Stockhead: “We have set out a plan in our prospectus that we are delivering on. We have demonstrated that our technology has potential applications across multiple industries including electronics, agriculture, gold and now diamonds.
“This agreement is a fantastic next step towards commercialising our ‘Intelligence of Things’ technology for diamonds from mines all the way to the end consumer.
“SMX has enjoyed a strong and collaborative partnership with Trifecta over more than two years, and we are excited that they recognise the huge potential of our technology, and are investing a substantial sum to commercialise it.”