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In a recent interview with New to the Street’s Ana Berry, Haggai Alon, founder and CEO of Security Matters (NASDAQ:SMX), discussed how his company’s technology is revolutionizing supply chain authentication, traceability and transparency. Security Matters’ innovative solution marks materials with a virtual memory of its origin, with the data recorded on the blockchain. This technology helps to create transparency and efficiency across various industries, such as fashion and plastics.
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Supply Chain Authentication Market Estimated CAGR of 12.6% between 2022 and 2031
The horizon for the supply chain authentication market is full of potential, as global growth prospects look bright. A remarkable market size of USD 2 billion in 2021 is expected to increase to an astounding USD 6.3 billion by 2031, driven by an astounding CAGR of 12.6% from 2022 to 2031. This significant growth is rooted in the escalating demand for supply chain transparency, escalating incidences of cyber-attacks throughout supply chains, and implementing innovative technologies to enhance security measures.
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As the market continues to expand, the demand for secure and reliable supply chain solutions has become a driving force. Companies are looking for innovative tools that can help them identify and mitigate potential risks in real time. With greater visibility and transparency, decision-making becomes more informed and precise than ever before. Furthermore, the cloud is proving to be a game changer, with its ability to support different architectures and developer tools that can enhance both professional and web-based applications. So it is no surprise that cloud deployment types are expected to experience the highest growth during the forecast period.
SMX’s technology and unique features
By reducing reliance on sourcing materials from outside the US and increasing the ability to use waste materials, Security Matters’ technology enables businesses to sustain growth and profitability. This is achieved by being present at all stages of a material’s life cycle, from unused raw material to end-of-life recycling.
Allen believes that growth and sustainability can coexist, with Security Matters’ technology providing a unique toolbox for companies to maintain a healthy economy. By helping businesses use more recycled content and offering a single technology that covers everything from sourcing to manufacturing to recycling, Security Matters gives businesses a competitive advantage.
The company came from the Israeli government, with a team of scientists developing the technology and filed nearly 100 patents on 50 different materials. An example of the technology’s application is in the fashion industry, particularly in the leather market. Security Matters’ technology marks leather at various stages of production, allowing brands to provide greater transparency to their customers and promote a new level of relationship in the digital world.
Blockchain plays a crucial role in Security Matters’ solution, as unique molecular sequences are added at each stage of the material’s life cycle. This provides an additional layer of data on demand from stakeholders or brands, which can be read and extracted at any time with a single reader. This comprehensive approach to supply chain transparency has the potential to significantly impact industries worldwide as the market continues to grow at a rapid pace.
In conclusion, Security Matters is at the forefront of innovation in supply chain authentication, traceability and transparency with its cutting-edge technology. As the supply chain authentication market size continues to grow, driven by increasing demand for transparency and increased security measures, companies like Security Matters are playing a central role in shaping the future of this industry.
By leveraging blockchain technology, reducing reliance on external subcontractors and promoting sustainability, Security Matters’ solutions have the potential to transform businesses across various sectors. As we move into a digital era that demands greater transparency and efficiency, the company’s commitment to providing scalable and environmentally friendly solutions could prove to be a game-changer for both businesses and the planet.
Watch the full SMX interview on New to the Street: https://www.youtube.com/watch?v=vURNgO1E4Nc
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