Security Matters 3rd generation blockchain strikes operations on circular and digital closed-loop economy project
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Special Report: Circular loop digital economy firm Security Matters (ASX:SMX) has launched a new digital platform that’ll be a key enabler for the new equilibrium circular economy.
Security Matters has launched this fully commercial third-generation platform in collaboration with R3 and Quantum Crowd.
The platform aims at building on the principles of sustainable development and responsible consumption, enabling a transition from a linear economy to a circular one.
The blockchain platform will provide for safe and secure revenue flow and transactions, allowing value chain players both upstream and downstream to buy, sell and communicate in a secure manner.
“SMX aims to establish itself as the industry best practice benchmark for recording, tracking and connecting physical goods with a blockchain enabled digital twin,” Security Matters founder and chief executive Haggai Alon said.
“We are bringing to the companies and industries their next phase of necessity to operate in the Equilibrium Circular Economy.
“It will enable them to share accurate and irrefutable data along the value chain to close the loop so that the raw materials can be reused and recycled more effectively and efficiently.”
It’s been a busy few weeks for Security Matters, which also recently partnered with BASF to enable the plastic circular economy in Canada.
As previously reported, BASF’s reciChain project implemented Security Matters’ tech into the entire product value chain, improving full traceability and transparency.
By combining the power of Security Matters’ blockchain solution with its physical marker, reciChain was able to improve the sorting, tracing and monitoring of plastics.
Security Matters say that by implementing these technologies, value chain players could conceivably generate tokens that could increase in value as plastics go through additional loops, incentivizing producers to design for recyclability.
The track and trace technology used in reciChain marks plastic products with a unique “chemical barcode” and connects them with a digital twin.
Both rigid and flexible plastic products were used during the pilot, to test the feasibility of the marker technology in the reverse logistics process. It was validated in British Columbia, but is set to expand to other parts of Canada to improve that nation’s circular economy.
“This is a milestone for SMX to develop solutions for plastics traceability and circularity that was announced in April 2020,” Alon says.
“The MSX team worked in close collaboration with the reciChain consortium to complete a successful pilot that will form the foundation for efficient and effective recycling and recovery of plastics, first in Canada then with the aim to scale similar solutions globally.
“SMX is committed to be the cornerstone technology of reciChain that will provide an effective, tangible and measurable solution to the global plastic waste environmental challenge.”
This article was developed in collaboration with Security Matters, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.