Security Matters launches first foray into $11.8 trillion agricultural market
Special Report: Blockchain tech, supply chain integrity and brand protection company Security Matters has moved into the $11.8 trillion global agricultural market, kicking off a proof of concept project with Israeli-Dutch seed maker Hazera Seeds.
Security Matters’ (ASX:SMX) technology enables any solid, liquid or gas to be invisibly and irrevocably ‘marked’ using a chemical-based barcode, and ‘read’ using a proprietary reader.
The company told investors today this latest project would involve embeding ecological markers onto Hazera’s seeds.
Hazera will then be able to test how the marked seeds can be identified and tracked throughout the sale and distribution process – without damaging the seed properties or its ability to sprout.
The project is the latest win in the agricultural space for Security Matters, which recently filed a patent application around using its technology to detect plastic contamination in crops.
Security Matters founder and CEO Haggai Alon said the project aligns with the company’s strategy of partnering with market leaders to encourage uptake of its technology.
“Hazera is a leading global company in seed manufacturing with strong backing from the European market,” he said.
“The project we are collaborating on is an example of Israeli technology backed by European brands and we intend to implement our findings across all geographies, including Australia, to support the food safety and quality sector.”
Prior to the partnership, Security Matters did lab tests that showed it could successfully integrate its technology in a sustainable and eco-friendly way that promotes seedling growth of seeds when planted in soil.
Hazera is part of the Limagrain Group – one of the world’s largest seed companies.
It breeds, develops, produces and markets a large variety of seeds for a range of vegetable crops globally and services more than 100 markets.
If successful, the company expects this three-month project will lead to a binding commercial agreement with substantial potential recurring revenue.
The global agricultural market was $11.8 trillion in 2017, according to a recent report by market analysts.
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