Special Report: Security Matters and former Tasmanian premier Paul Lennon AO are working together to create a transparent technology based capability to track timber and lumber origin and revolutionise the circular economy within the global timber and lumber sector.

Paul Lennon has been working with Security Matters (ASX:SMX) and a number of leading timber companies for several months now on a solution that they hope will boost the circular economy and transparency within the Australian and European timber and lumber industries.

The timber industry is the latest in the repertoire for brand protection, supply chain integrity and blockchain tech company Security Matters, which aims to become the global record for all physical goods with its equilibrium economy model.

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The idea is to use its technology, which comprises a chemical-based hidden “barcode” system with a “reader” to identify these codes, and a blockchain record to store and protect the ownership of data, to test and expedite development for use within the tree growing, production and chemical treatment process.

SMX’s technology is particularly suited to the timber and lumber industry because it focuses on creating a circular economy targeting all aspects of a raw materials lifecycle; virgin material to production; production to commercialisation and; commercialisation back to recycle.

Lennon said Security Matters stood out amongst the crowd as he looked for a solution to fortify Tasmania’s economy.

“I am delighted to be working with SMX, leveraging a revolutionary Israeli technology with real life applications in the Tasmanian economy,” he said.

“Tasmania has long prided itself on produce of the highest quality and the use of a technological instrument that not only maintains quality but drives sustainability goals going forward, which is a fantastic opportunity.”

Haggai Alon, Security Matters founder and CEO, said the solution would allow companies to monitor their sustainability goals.

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“Our work within the timber and lumber industry represents another step towards delivering our equilibrium economy strategy. We have projects within the minerals, plastics, fashion and agriculture sectors which are the fundamental building blocks from which the majority of the world’s products are made,” he said.

“We anticipate that timber and lumber will become one of Australia’s biggest drivers of growth in the coming years, as it has the ability to replace other raw materials. It is also greener, recyclable and more sustainable with very low pollution output.”

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This story was developed in collaboration with Security Matters, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.