Join our daily newsletter At The Bell to receive exclusive market insights
- Security Matters (SMX) has announced the launch of a comprehensive end-to-end digital platform service for the ‘Plastic Circular Economy’
- For this full end-to-end Circular Economy solution, all three elements of SMX’s unique tech IP for the plastic company will be unified into a single connected platform service
- The Generation 2.0 Online Unit is a blockchain-enabled industrial scale identification, authentication smart sorting reader integrated on top of conveyor belts
- SMX enhanced the capabilities of its third-generation blockchain platform to enable the recording of value chain data, from raw materials through sorting, recycling, and reusing
- SMX’s computerized exchange platform (EXP) will allow for the distributed maintenance of electronic certificates linked to plastic units that meet the SMX technology’s sustainability standards
Security Matters (SMX), a firm focusing on digitising physical products on the blockchain to build a circular and transparent solution for the closed-loop economy, has announced the introduction of a full end-to-end ‘Plastic Circular Economy’ Digital Platform Service.
All three elements of SMX’s unique tech IP for the plastics industry will be combined into a single linked platform service for this entire end-to-end Circular Economy solution for the plastics sector.
The group’s unique technology allows firms in the plastics sector to grade, certify, and comply with worldwide environmental, social, and governance (ESG) laws.
Security Matters has recently begun commercialising its patented technique, which uses a concealed chemical-based ‘barcode’ to permanently and irreversibly mark any item, whether solid, liquid or gaseous.
The barcode is scanned using the company’s proprietary reader, which allows access to the matching stored data, which is recorded and safeguarded using blockchain technology.
SMX 2nd Generation ‘Plastic Circular Economy Online Unit’
The Generation 2.0 Online Unit is a blockchain-enabled industrial-scale identification, authentication smart sorting reader integrated on top of conveyor belts that are specifically designed for the plastics industry.
The newest version has the capacity to recognise and discriminate plastic goods of any plastic and polymer type, shape, and size, as well as the ability to determine the number of times the polymer has been recycled.
SMX marked polymers may now be detected amid other trash, and the ability to read SMX marked samples in more formats has also been improved.
SMX Third Generation Blockchain Platform
SMX enhanced the capabilities and flexibility of its third-generation blockchain platform to enable the recording of value chain data from any manufacturing or value chain ecosystem, from raw materials through sorting, recycling, and reusing.
SMX believes that their generation 3.0 blockchain platform will be a critical component of functioning in a circular economy, offering a safe and secure revenue flow and transaction platform for re-use/recycling, buying, selling, and communicating with value chain actors both upstream and downstream.
SMX Patented System for the Computerised Exchange Platform (EXP)
The EXP will enable the blockchain-based distributed management of electronic certificates connected with plastic units that fulfil the SMX technology’s sustainability requirements.
In this case, the certificates will serve as proof of ethical sourcing, which may then be transformed into plastic credits with a monetary value, allowing SMX’s technology to serve as the foundation for a new clean-energy marketplace.
The platform is configured to use chemical tagging to link plastic units to digital certificates that reflect the rights to generate virgin plastic material units.
On top of this, the EXP can maintain a verified record of the parties in possession of the plastic units at any given moment, as well as the parties in possession of the digital certificates at any given time.
EXP also allows for the conversion of digital certificates into Plastic Credits with a monetized trade value and makes it possible to trade Plastic Credits on a stock exchange.
The $100 billion market opportunity
The Generation 2.0 Online Unit is a critical component of SMX’s entire recycling solution, and it strategically correlates with the company’s goal of building a closed-loop economy for the plastics sector.
The plastic packaging recycling market was valued at $5.55 billion (28.8 million tonnes) in 2017 and is predicted to grow to $102 billion (102 million tonnes) by 2030, according to Frost and Sullivan.
SMX was recently honoured with Frost & Sullivan’s 2021 Global Waste Management and Recycling Digitisation Technology Innovation Leadership Award for its creative efforts in the waste recycling sector. Users may leverage SMX’s technology to assure transparent product lifecycles, adhere to environmental standards, and eventually move towards a more sustainable business model.
SMX Founder and CEO Haggai Alon said the announcement 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,” Mr 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.”
