PepsiCo partners with blockchain firm Security Matters for plastic recycling – Ledger Insights

PepsiCo Labs has announced that it will partner with six startups to promote sustainability in its European supply chain. One of these startups, Safety is important, uses blockchain technology to identify, sort and package waste. PepsiCo will use Security Matters’ invisible marker system in waste sorting to track closed-loop recycling and verify sustainability claims.

Security Matters is a startup with a focus on traceability within recycling and the circular economy. It has developed a blockchain-powered recycling transporter which identifies plastic during the recycling process using its chemical marker. The token allows a digital twin to be stored on a blockchain network, enabling product identification and traceability.

The company has some high-profile partnerships. It secured one joint venture with the government-owned Perth Mint to track the production and authenticity of gold and was part of BASF reciChain blockchain pilot for recycling plastics.

On top of these collaborations, Security Matters has just announced one NASDAQ SPAC listing. The SPAC deal valued the company at $200 million, 14 times its valuation on Australia’s ASX stock market the previous day.

Such a meteoric rise is unusual, especially considering that the accounts for 2021 showed zero revenue. However, SPAC investors have the right to ask for their money back, which could mean the final deal values ​​the company at significantly less. Today’s ASX share price is 2.5 times the figure before the SPAC announcement.

Security Matters is far from alone in this industry. Other blockchain startups like Everledger and Circular has been on the rise for a while. Circular recently secured $25 million in funding and Everledger has collaboration with Source Certain International (SCI) to improve transparency in the mining industry. Netherlands-based Circulate is involved in plastic traceability and has secured partnerships with big names such as Porsche and Mitsubishi.

Even established multinational companies make use of blockchain technology. IBM, Mitsui Chemicals and Nomura Research have started one blockchain consortium for plastic recycling. The Japanese chemical manufacturer DIC is carrying out a pilot with SAP blockchain solution involving plastic recycling. Meanwhile, Fujitsu and Tejin are working together to track recycled industrial materials using blockchain technology.