Solving food traceability: Security Matters’ latest project to further protect food from farm to plate
Special Report: A new proof-of-concept project will explore how Security Matters’ blockchain-based technology can revolutionise the agricultural supply chain.
Newly-listed Security Matters is hungry for growth – and it’s focusing its attention on revolutionising the way our food supply change is managed.
Its patented technology is known as “The Intelligence on Things.”
It allows any solid, liquid or gas to be invisibly and irrevocably ‘marked’ using a chemical-based barcode, ‘read’ using a proprietary reader and stored via a blockchain record.
Because the technology can be applied to raw materials or at any stage of the production process, it enables the tracking of the entire product lifestyle and as products move globally – and opens to door to a vast number of opportunities in brand protection and supply chain management.
The most recent applications have focused on agriculture.
Today, the company (ASX:SMX) announced a Memorandum of Understanding (MoU) with leading Israeli animal feed supplier Ambar, which produces animal feed for poultry, dairy herds, calves, sheep, and fish.
Ambar will explore how the technology can be incorporated into its own supply chain to ensure the quality, integrity and authenticity of its products.
The Ambar project is just one of several recent wins for Security Matters related to the agricultural industry.
SMX is making ‘mooves’ in the agriculture industry
The global animal feed additive market was valued at US$18.5 billion in 2016 and Ambar is a major supplier of animal feed across Israel.
Over the course of three months, the technology will be incorporated into Ambar’s produce production process, enabling authentication of the feed, counterfeit detection and improving quality assurance.
The key differentiator for Security Matters is that its markers can be implemented without changing existing production procedures, simplifying the process for potential customers.
Readers can then identify the markers at specific instances throughout the supply chain, storing the information in the cloud and recording it all via a blockchain.
Founder and CEO Haggai Alon says it’s all steps toward Security Matter’s ultimate goal of becoming the global record of physical goods.
“By scaling up our food protection and supply chain distribution technology in the EU and Australia simultaneously, we’re demonstrating that the problem we solve isn’t just one piece of the puzzle. Our strategy is end-to-end and beneficial to everyone along the supply chain.
“You can’t be certain of a products’ quality if there isn’t visibility into every step between farm and table. That’s why I’m so passionate about total traceability. Our Israeli-based blockchain technology offers certainty to an otherwise fragmented supply chain.”