Cannabis on a blockchain: Security Matters and plant tracking

The Australian Securities Exchange company Security Matters said its patent can mark, track, and manage the supply chain of cannabis plants. Currently, they work with new cannabis products and products containing cannabis ingredients.

Relating fabrics and strategies

Security Matters said the patent covers the use of its own chemical solution for marking plants and this is done during any of the six stages of plant growth and cultivation. Also, directly to the seed prior to planting.

Security Matters has commenced the commercialization of its technology that uses a hidden chemical-based “barcode”. Additionally, this was to permanently “mark” any object, whether it’s solid, liquid, or gas.

Blockchain technology records and protects data.

In step with CEO and founder Haggai Alon, the 2 key concerns for any hashish corporate are the facility to track its starting place. Furthermore, they aim to regulate and observe in order to determine which product utility might be used.

The marking solution can be for the seed or plant via a coating, irrigation, and fertilization method. Also, users can use it for product authentication, supervision and supply chain management of the plant and plant by-products.

According to CEO and founder Haggai Alon, the two key considerations for any cannabis company are the ability to trace its origin. In addition, they aim to control and monitor its content to establish in which application the final product can be good.

SMX can ensure both needs are without the requirement for complex genetic modification. Furthermore, they aim to reduce the negative impact on cannabis products.

This patent application supports SMX’s business model

The company said lodging the patent secures its technology and provides a platform to advance and expand operations within the agricultural and cannabis sectors. Security Matters has an office in Ketura, Israel, and trades publicly down under. However, the consumption of cannabis is currently illegal In Australia, except for medical use.

Security Matters will focus on the worldwide cannabis sector

Over and above, Security Matters will focus on the worldwide cannabis sector, which is to be worth $132 billion by 2024. The business is to develop at a compound yearly growth rate of 37% and will work with SMX by securing its products as the industry develops.

The organization is giving its technology to Australian medical cannabis dealer CliniCann. It is an outstanding deal in building up supply chain integrity in the flourishing therapeutic cannabis sector. In addition, this is good news for the global market.

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(Featured Image by TheDigitalArtist)

First published in gorodfinansov, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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