Security Matters’ seed solution technology just passed another trial with flying colours
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Special Report: A seed supply chain integrity and authentication solution made by Security Matters has successfully passed Phase II testing as the company ramps up commercialisation.
Brand protection, supply chain integrity and blockchain tech company Security Matters (ASX:SMX) was participating in Phase II trials aimed at assessing whether its authentication technology could be incorporated into seeds during an entire process cycle with no impact to their quality.
It required Security Matters to apply its ecological markers into the seeds using a drop-in method during the production process, and the results showed the markers were successfully integrated and could be read using the company’s proprietary reader.
The markers were also confirmed to have no negative impact on any of the seeds’ key properties, including genetic code or physical characteristics, and no impact on any of the processes involved during conservation, delivery, marketing, sprouting or growth.
Global seeds market potential
The company has been working hard to provide its technology, which enables any solid, liquid or gas to be invisibly and irrevocably marked using a chemical-based barcode, to the agricultural industry, which has been estimated at $11.8 trillion.
Founder and CEO Haggai Alon said the latest trial results put Security Matters on track towards commercialisation.
“SMX’s vision is to set the food security standards in Australia, with the goal of ensuring consumers their food is safe and made from high-quality products.”
“This supports SMX’s agriculturally focussed farm-to-plate growth strategy of ensuring genuine food provision to consumers globally by providing quality assurance across the entire production process and supply chain,” he said.
The global seeds market is expected to reach $156 billion by 2020.
Next up is Phase III trials, which are expected to commence after March and be completed by June.
Upon successful completion of Phase III trials, the company will reach full commercialisation of its agricultural offering, with revenues in expected.