Supply chain integrity and blockchain company Security Matters (ASX: SMX) has teamed up with a world-leading chemical producer BASF SE to assess how its patented hidden barcode technology can be used in ‘performance chemicals’.
Security Matters today announced it has agreed terms for and commenced feasibility studies with Germany’s BASF, a company with a market cap of more than €64 billion (A$102.7 billion) and over 400 production sites around the world.
According to the German producer, the innovation team of its performance chemicals division “evaluated different use cases in which Security Matters’ technology could bring value to BASF and the parties agreed to start mutually agreed feasibility studies for selected application potential”.
This performance chemicals division produces customised chemical products for many sectors including mining, the fuel industry and plastics processing.
Security Matters chief executive officer Haggai Alon said its collaboration with BASF was evidence of the company’s ability to execute its growth strategy and “demonstrates how leading global companies are considering Security Matters as the answer to questions surrounding industry integrity and brand authentication”.
Hidden barcode technology
Security Matters is working on commercialising its unique, patented technology that uses a hidden, chemical-based ‘barcode’ to permanently mark any object, be it solid, liquid or gas.
The company uses blockchain technology to record and protect stored data that can then be accessed using its unique ‘reader’ to decipher the barcodes.
Last month, Security Matters announced it was progressing to the third phase of a proof of concept project with global seed supplier Hazera Seeds.
This partnership is focused on assessing the feasibility of embedding the company’s ecological markers into seeds to provide additional brand and product protection.
The company also has a pilot project with leading animal feed supplier Ambar. In its December 2018 quarterly, Security Matters said this project was scheduled to commence in February.
The company only just listed on the ASX last October after raising $6 million through an oversubscribed initial public offering.
By early afternoon trade, its shares had jumped 21.13% on the news to $0.43.