- Security Matters (SMX) receives the 2021 Global Waste Management & Recycling Digitalization Technology Innovation Leadership Award from Frost & Sullivan
- The international consulting firm gave the award to SMX for its “cutting edge” iIoT2 trace-and-track technology solution
- The tech can permanently mark and embed data within any object to link it to an online system for verification
- This helps producers and consumers determine if the materials they use have been ethically sourced, and it gives them full confidence in the authenticity of the finished goods
- Security Matters Founder and CEO Haggai Alon says the award is a testament to the company’s “tireless work” in the recycling innovation space over the last year
Tech developer Security Matters (SMX) has received the 2021 Global Waste Management & Recycling Digitalization Technology Innovation Leadership Award from international consulting firm Frost & Sullivan.
The award recognises a company that has developed a product with innovative features and functionality that is gaining “rapid acceptance” in the market, according to Security Matters.
Frost & Sullivan said it was giving the award to SMX for its “cutting edge” iIoT2 trace-and-track technology solution. The tech is designed to help companies across a wide range of different industries trace the products they manufacture, identify the origination of their raw materials, and embed their finished products with proof of authenticity.
This helps producers and consumers determine if the materials they use have been ethically sourced, and it gives them full confidence in the authenticity of the finished goods.
Frost & Sullivan Best Practices Research Analyst Maksym Beznosiuk said SMX was “at the forefront” of providing track and trace technology materials for customers in various market segments.
“This is due to its sizeable funding to advance the commercialization and implementation of its solutions and to its successful partnerships with various technology companies around the globe to develop plastics traceability and circularity solutions,” Mr Beznosiuk said.
“The company’s unrivalled expertise, high-performance smart technology, and customer-centric approach are key reasons why SMX is a tech innovation leader.”
The consulting firm cited a recent case study wherein SMX’s tech was deployed by tyre maker Continental to improve the transparency of its natural rubber supply chain.
Frost & Sullivan said the SMX tech helped Continental ensure its manufacturing processes complied with responsible raw material procurement and efficient recycling practices.
How does the SMX tech work?
Essentially, Security Matters’ technology is based around a sub-molecular marker system that is recorded on a blockchain-based platform.
The tech can mark a physical object and link it to an online system for verification. Given the nature of the tech, the material maintains its scannability even if the object is physically transformed into something else — like iron ore being made into a motor component, for example — and transported around the world.
The company claims the tech can be applied to a solid, liquid, or even a gas to permanently mark and embed data within any object.
Security Matters Founder and CEO Haggai Alon said the company was “honoured” to have received such a “prestigious” award from Frost & Sullivan.
“It is a testament to SMX’s broad appeal and tireless work in the recycling innovation space over the last 12 months, as we partner with leading global companies and organizations,” Mr Alon said.
“We look forward to making strides towards the commercialization of our technology, undertaking further strategic collaborations in 2022 and ultimately enabling a circular closed-loop economy for global participants.”
Along with its tracking and tracing capabilities, the SMX tech is designed to help businesses fully comply with environmental, social, and governance (ESG) specifications, regulations, and environmental standards.
Shares in Security Matters last traded on the ASX for 30 cents each. The company has a $49 million market cap.