ASX-Listed Firm SMX Uses Blockchain Technology to Streamline Recycling

By Ibiam Wayas July 10, 2021 In Australia, Blockchain

Australian blockchain company Security Matters (SMX) has developed a conveyor belt reader system that will facilitate the sorting and recycling of plastics. The new blockchain solution is intended to fill the gap in plastic circularity and will also provide full value chain transparency for plastics. 

Mapping Plastics on Blockchain

The ASX-listed company specialises in digitising physical objects on the blockchain. Using its tracking and tracing solution, SMX will map all the stages of the value chain for plastics on the blockchain, from the raw state to the finished product. 

Using the data on the blockchain, companies in the plastic industry will be able to verify or transfer ownership of materials via the newly developed conveyor belt. The detector simply allows for identification, authentication, sorting and recycling of plastic products. 

Utilising SMX’s breakthrough technology to ‘mark’ the plastic at virgin stage as well as at recycling and sorting facilities …will enhance the sorting capability, resulting in higher rates of plastic recycling content.

Haggai Alon, CEO, Security Matters

Blockchain Improves Supply Chain Traceability

Supply chain traceability is one of the key applications of blockchain, the technology behind all digital currencies. Over recent years, several companies from diverse industries have adopted blockchain to trace products from cultivation to the final stage.

On March 25, the Israeli Cotton Board (ICB) teamed up with SMX for a pilot program on the authentication of both locally made organic and conventional cotton on the blockchain. Last year, Crypto News Australia also reported that Australian dairy farmers had reached an agreement with the government to bring milk to blockchain technology.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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