Next-generation track and trace technology solutions ensure physical and digital tracking of closed-loop recycling, authenticate sustainability claims, and advance plastic waste sorting
SAN ANTONIO, Dec. 1, 2021 /PRNewswire/ -- Based on its recent analysis of the industry, Frost & Sullivan recognizes Security Matters Limited (ASX:SMX) with the 2021 Global Waste Management and Recycling Digitalization Technology Innovation Leadership Award. The company provides next-generation iIoT2 digital supplychain integrity solutions that resolve authentication and track and trace challenges to advance quality assurance, ethical sourcing, enhancing traceability and provenance verification of raw materials, and improving brand accountability of goods manufacturers.
SMX's cutting-edge trace and track technology solutions help plastics, precious metals, electronics, raw materials, and agriculture sector companies tangibly identify the origination of their materials, show proof of authenticity, and trace products they use. The solutions help determine if the materials utilized come from trusted sources, which ensures consumers and producers have complete confidence in the origin and authenticity of goods. As a recent case study, SMX's track and marking technology was deployed at Continental to improve the transparency of the natural rubber supply chain. The technology helped Continental ensure its manufacturing processes complied with responsible raw material procurement and efficient recycling practices.
According to Maksym Beznosiuk, Best Practices Research Analyst, Frost & Sullivan, "SMX meets customers' needs and exceeds their expectations as various clients and partners value the performance and business influence of its supply chain integrity solutions." Beznosiuk further stated, "Its innovative iIoT2 track and trace technology ensures physical and digital tracking of closed-loop recycling, authenticates sustainability claims, and advances sorting of plastic waste."
The SMX technology helps clients to track various components and its data, throughout the entire production process to the end product, in real time without the need for extenstive lab tests, ensuring unmatched efficiency and reliability. The industry-leading technology offers the following competitive advantages:
- It allows users of the SMX technology, to track and trace any marked goods along a supply chain and trace their history to the end product. As a result, users can access the embedded data (product provenance, exact material composition, % of recycled material used, and production location/date) inside the actual material of the product itself by scanning the item using the SMX reader.
- The SMX technology is customize to meet its customers' requirements and specifications of the marked material for the ease of implementation (drop in solution) and adoption. This triggers an economical solution that ensures high efficiency and precision of marker identification.
- It provides complete privacy of authentication of company products, clients can mark solids, liquids or gas, at any point during the manufacturing process or after it is a finished good. SMX is able to embed a marker within the material without affecting product's properties or quality.
- It allows users to store and access all product-related information on cloud servers or on a blockchain record to safeguard data ownership. This enables users to access the provenance history of the materials within the finished product and ownership of products, improving the security and transparency of the process.
The innovative technology allows users to ensure highly transparent product lifecycles, paving the way towards a holistic ecosystem that facilitates circularity and sustainability for different materials (such as plastics or raw materials). This speeds up the progress of various industries towards a more sustainable and resilient operation model. Ultimately, it enables clients to ensure that their products fully comply with their specifications and the highest environmental standards.
"SMX is at the forefront of providing track and trace technology materials for customers in various markets. 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," Beznosiuk noted. "The company's unrivaled expertise, high-performance smart technology, and customer-centric approach are key reasons why SMX is a tech innovation leader."
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
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About Security Matters Limited (ASX:SMX)
Security Matters has commenced the commercialisation of its unique, patented technology that uses a hidden chemical-based 'barcode' to permanently and irrevocably 'mark' any object, be it solid, liquid or gas. The barcode is read using the company's unique 'reader' to access the corresponding stored data, recorded and protected using blockchain technology.
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SOURCE Frost & Sullivan