Security Matters (SMX), the blockchain recycling startup, has made several announcements since finalizing its Nasdaq SPAC merger last week, including with Sumitomo Corporation and Continental Tires. SMX has a variety of solutions, including an invisible marker to help with traceability, an associated blockchain solution, and physical recycling sorting machines.
Sumitomo distribution deal
The deal with Sumitomo Corporation isn’t about the Japanese firm becoming a client but the reverse. Sumitomo will be the exclusive worldwide distributor for SMX products for non-ferrous metals. That includes the likes of aluminum and nickel, which are both heavily used in cars, with nickel widely deployed in electric vehicle batteries. While the deal is global and the automotive sector was not mentioned in the announcement, the Japanese car industry is substantial.
The combination of SMX’s technologies means it’s possible to ensure the metals are ethically sourced, certified for quality, and accurately identify the metal in the finished goods. In turn, this helps with recycling.
Continental tests rubber traceability
No specific deal with Continental Tires was announced, but a test was completed of its invisible marker product without the blockchain solution at this stage. This means that Continental can identify where the rubber in a tire is from and verify that it was responsibly sourced.
“We see huge potential in marker technology. It will help us in the future to ensure that the natural rubber we use in our tires is grown and sourced entirely responsibly,” said Claus Petschick, Head of Sustainability at Continental Tires. “Over the long term, we believe that marker technology could help to make the sometimes highly complex processes in our supply chains more transparent and verifiable.”
Last year Continental in Japan completed a blockchain trial for responsibly sourced rubber with ITOCHU. More than 70% of the world’s rubber is used in tires.
Blockchain gold solution gets LBMA accreditation
In yet another announcement, SMX confirmed it received accreditation from the London Bullion Market Association (LBMA) for the trueGold supply chain traceability solution. More than two years ago, Security Matters partnered with the government-backed Perth Mint for trueGold, which also uses blockchain and chemical markers.
The goal is to track gold from mines through the supply chain to wholesalers and retailers to ensure it’s ESG compliant and address counterfeiting and corporate transparency.
The LBMA accreditation is part of the Gold Bar Integrity Programme, which also uses blockchain to create digital twins of gold bars.
The flurry of announcements follows the completion of the SMX Nasdaq listing last week.