Blockchain recycling firm announces deals with Sumitomo, Continental – Ledger Insights
Security Matters (SMX), the blockchain recycling startup, has made several announcements since completing its Nasdaq SPAC merger last week, including with Sumitomo Corporation and Continental Tires. SMX has a number of solutions including an invisible token to help with traceability, an accompanying blockchain solution and physical recycling sorting machines.
Sumitomo distribution agreement
The agreement with Sumitomo Corporation is not about the Japanese firm becoming a customer, but the other way around. Sumitomo will be the exclusive worldwide distributor of SMX products for non-ferrous metals. That includes the likes of aluminum and nickel, both of which are widely used in cars, with nickel widely used in electric vehicle batteries. Although the deal is global and the automotive sector was not mentioned in the announcement, the Japanese automotive industry is significant.
The combination of SMX’s technologies means it is possible to ensure the metals are ethically sourced, certified for quality and accurately identify the metal in the finished goods. This in turn helps with recycling.
Continental tests rubber trackability
No specific deal with Continental Tires was announced, but a test was completed of its invisible token product without the blockchain solution at this stage. This means that Continental can identify where the rubber in a tire comes from and verify that it was sourced responsibly.
“We see great 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 in a responsible way, says Claus Petschick, head of sustainability at Continental Tyres. “In the long term, we believe that marker technology can help make the sometimes very 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 another announcement, SMX confirmed that it received accreditation from the London Bullion Market Association (LBMA) for its 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 aim is to track gold from mines through the supply chain to wholesalers and retailers to ensure it is 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.
