Australia’s ASX-Listed Firm, Security Matters, Files For Blockchain Patent for Cannabis Supply Chains
Isreal based firm Security Matters has recently filed for a patent application in the U.S. for a blockchain that organizes Cannabis supply chain.
While Security Matters is headquartered in Ketura, Israel, and trades publicly down under, the consumption of cannabis is currently illegal, except for medicinal use, in Australia. In a statement issued, the company said:
“The marking solution can be applied to the seed or plant via a coating, irrigation, and fertilisation method and is used for product authentication, supervision and supply chain management of the plant and plant by-products.”
The company's founder, Haggai Alon thinks that there are two key considerations for any Cannabis company.
First, the ability to trace its origin and then to control and monitor its content to establish in which application the final product will be used. Alon goes on to say:
“SMX's technology has the ability to do this and can ensure both needs are met without the requirement for complex genetic modification or negative impact to the cannabis seed, plants, or plant products.”
The marking solution can be put to use either to the seed or plant through irrigation, coating, fertilization or a few other regular plant management procedures and it is mainly used for product supervision, authentication, and supply chain network of the plant by-products or the plants.
The company intends to focus on the worldwide cannabis sector, which is assessed to be worth 132 billion dollars by 2024, with this arrangement. The business is anticipated to develop at a compound yearly growth rate of 37 percent and will work with SMX by securing its products as the industry develops.