As transparency surrounding origin and ownership of plastic products grows more urgent, Security Matters is already rolling out its newest online iteration of solutions which drive compliance to the highest environmental standards.
Security Matters (ASX:SMX) has successfully integrated its latest Generation 2.0 Plastic Circular Economy Online Unit with its blockchain digital platform as the tech firm digs in its foothold across the burgeoning, multi-billion-dollar global packaging-recycling industry.
The latest unit is also connected to SMX’s unique IP for the tokenisation of plastic credits to become a tradable asset, just like a stock.
The end-to-end plastic circular economy digital platform service combines all three of the firm’s unique tech IP for the plastic industry into a single, interconnected platform service. It will enable companies within the plastic industry to grade, certify and comply with global ESG regulations.
Broad suitability, wider applications
The Generation 2.0 reader online unit is a blockchain-enabled industrial scale identification, authentication smart sorting reader, integrated on top of conveyor belts.
The SMX conveyor belt reader unit combines SMX’s physical marking, track, and trace solutions with a digital twin blockchain platform solution to store key information about products of any plastic and polymer type, colour, shape, and size.
It can detect how many times the polymer has been recycled, known as loop counts, is colour agonistic and can detect SMX marked samples in more formats such as different containers, bottles and flat wrappers.
SMX third generation blockchain platform
SMX has expanded capabilities and flexibility of its third generation blockchain platform to enable the recording of value chain data from any production or value chain ecosystem, starting from raw material to production, sorting, recycling, and reusing.
SMX believes its generation 3.0 blockchain platform will be an essential part of operating in a sustainable circular economy. The company says the platform provides for safe and secure revenue flow and transactions to reuse or recycle, buy, sell, and communicate with value chain players both upstream and downstream.
SMX Patented System for the Computerized Exchange Platform (EXP)
The EXP SMX Platform will provide for the blockchain-based distributed management of electronic certificates associated with plastic units that meet the sustainability standards enforced by SMX’s technology.
The certificates will provide proof of ethical sourcing which can be converted into plastic credits that are given a monetised trading value, thereby allowing SMX’s technology to act as the platform for a new clean-energy marketplace.
The EXP is configured to use chemical marking to associate the plastic units with digital certificates representative of rights to produce the units of virgin plastic material.
It will also keep certified recording of parties that, at each given point-in-time, are in possession of the plastic units and the parties that, at each given point-in-time, are in possession of the digital certificates.
Digital certificates can be transformed into plastic credits characterized by a monetized trading value, which SMX says will enable trading of plastic credits on a stock exchange.
Significant uptick in plastics recycling
The Generation 2.0 unit is an important addition to SMX’s overall recycling solution and aligns with the company’s focus on creating a closed loop economy for the plastics industry.
According to Frost and Sullivan, the plastic packing recycling industry was worth more than $5.5 billion with 28.8 million tons being recycled in 2017.
That’s forecast to jump to $102 billion, with recycling topping over 100 million tons by 2030.
As transparency around the origin and ownership of plastic products grows more intensely onerous, SMX Founder and CEO Haggai Alon said its technology provides a critical solution to ensuring products comply with specifications and the very best environmental standards.
“This is a step forward for SMX, proving our technology has the potential to become industry standard for the grading and certification of plastic recycling and waste reduction,” Alon said.
“SMX is now able to provide a fully integrated platform service that will help to set a new benchmark for plastic recycling and traceability that will enable our clients to meet the increasing consumer demands and global regulatory requirements.
“As well as enhance the sorting capability and drive the demand and value for recycled plastics, resulting in higher rates of plastic recycling content.”
SMX key player in shift to circular economy
SMX has been recognised for its collaborative approach to building a scalable platform to drive the global shift to a circular economy and innovative work in the waste recycling sector.
SMX received New York’s 2021 Global Waste Management & Recycling Digitalization Technology Innovation Leadership Award from Frost & Sullivan.
The company has been partnering with key organisations to assist various industry sectors in their transition to a circular economy.
SMX has joined the Global Platform for Sustainable Natural Rubber (GPSNR) to drive down the environmental and socio-economic problems associated with sourcing this increasingly valuable commodity.
SMX has also become a member of cross-industry alliance 4evergreen, which is committed to perfecting the circularity of global fibre-based packaging.
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.
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