PERTH: Security Matters Limited (SMX) has become a member of the World Business Council for Sustainable Development (WBCSD).

Security Matters Limited is focused on marking and digitizing physical objects on the blockchain to create a circular and transparent solution for the closed loop economy.

The World Business Council for Sustainable Development (WBCSD) is a CEO-led global organization of over 200 leading businesses across multiple industry sectors, all working together to accelerate the transition to a sustainable world. A successful transition to a sustainable world will be achieved through the co-operative and collaborative efforts between the value chain players driven by the commercial benefits of a closed loop economy.

With SMX’s technology and digital platform, WBCSD member companies will be able to trace, authenticate and verify the origin, supplier, manufacturer and exact composition of all raw materials in the finish product through every stage of the supply chain across the three lifecycles (i.e. from raw material to production; production to commercialization; commercialization to recycling & reuse) via blockchain.

This will enable the product to re-enter the economy again, reducing waste and the demand for virgin raw materials. The embedded data in the product can be read easily by a scanner on the conveyor belt or a lightweight portable handheld scanner. By being able to create a digital twin for every physical object, SMX enables different players in the value chain of production to create a global ledger of physical goods.

By joining the WBCSD it will enable SMX to form valuable working partnerships with key stakeholders to develop and scale-up sustainable, closed loop solutions to transform entire sectors and value chains.

Peter Bakker, President and CEO of the WBCSD comments: “WBCSD is delighted to welcome Security Matters as our newest member. There is a huge potential for this kind of technology to revolutionize industries including fashion, electronics, agriculture, gold and precious stones. We look forward to working with Security Matters to help advance our shared goals.”