Security Matters Files Patent for Blockchain-based Tracking System of its Cannabis Products

Security Matters has recently registered on the Australian Securities Exchange. Specifically, the marking solution used by Security matters, can be used to track, mark, and deal with the supply chain of the cannabis plants, products, and items containing cannabis inferred ingredients.

Moreover, the patent covers the utilization of Security Matters solution for checking plants that can be completed during any phase of plant cultivation and growth, and directly to the seed preceding planting. Besides, 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.

Security Matters has initiated the commercialization of its technology that uses a concealed synthetic-based “barcode” to forever “mark” any objects like solid, fluid, or gas. Further, the barcode tag can be read by accessing the stored data, which is protected and recorded utilizing blockchain technology.

Additionally, the organization said lodging the patent will secure its technology and gives a platform to progress and extend activities in the cannabis and agricultural sectors by,

Providing an end-to-end security and transparency solution with information kept securely on the blockchain for customers.

Over and above, Security Matters will 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.

The organization is currently active in therapeutic cannabis, giving its technology to Australian medical cannabis dealer CliniCann / Health House Holdings, which is an outstanding deal in building up supply chain integrity in the flourishing therapeutic cannabis sector. Moreover, Security Matters is headquartered in Ketura, Israel, and exchanges publicly down under. The utilization of cannabis is at presently illegal in Australia except for therapeutic use.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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