In early 2018, blockchain technologies entered the mainstream consciousness. As the year progressed, a wave of innovative companies looked to the emerging technology as a means of disrupting their respective sectors.
Even the Australian Securities Exchange expects its distributed ledger using blockchain technology to go live in 2020, making settlements faster and providing real-time data of equity ownership.
However, of the listed companies on the ASX, only a handful have put blockchain at the core of their businesses. So which companies have doubled down on the technology? And what disruptions are they using it for?
Brand protection and supply chain integrity
Security Matters (ASX:SMX) is using its technology to track and secure our global food supply chain – ensuring the integrity of the product and the brand.
Its technology invisibly marks any solid, liquid or gas using a chemical-based barcode. This can then be “read” using a unique proprietary reader, allowing the product to be tracked throughout the production chain.
The information is all stored on the blockchain, ensuring absolute security and transparency globally.
Security Matters is collaborating on a number of projects, including addressing plastic contamination in the agriculture industry by sourcing the type of plastic in the crop to enable extraction and prevent further plastic contamination.
It is also embedding its markers into seeds to provide product protection of seeds throughout the supply chain.
The technology is also being trialed with a leading German secure identity solutions provider to enhance the security and reliability of identity documents.
Secure contracts in agriculture space
Also working in the agriculture sector, but taking a different approach, is Transcendence Technologies (ASX:TTL). TTL is focused on using blockchain to enhance the data management and compliance when it comes to the execution and sharing of communication, bank data and documents.
The company also has a partnership with PrimeXConnect, a global digital marketplace to manage the supply chain of meat products. Its secure platform connects processors and exporters with international buyers, ensuring the quality and traceability of the produce.
Driving efficiencies for banks
Identitii (ASX:ID8) is addressing the challenge of helping banks and corporates know more about their transactions and counter-parties in real-time.
Through the use of tokens based on blockchain, Identitii has developed an efficient way for banks and corporates to share intelligent information, securely, in real-time.
Their patented in-house developed platform works in conjunction with a bank’s existing technology, removing the need for banks to undertake costly and time consuming IT systems replacements.
As data volumes continue to grow and regulatory requirements continue to increase in relation to the reporting of transactions, Identitii is helping to solve the problem of missing information for banks and corporates in the global payments system.
Securing identity and identity documents
Keeping information secure has been one of the key selling points of blockchain, and is front of mind for Kyckr (ASX:KYK).
Kyckr is a Know Your Customer (KYC) company which has developed a corporate identity blockchain service to help financial services companies meet their increasingly onerous identity obligations, with the goal of preventing the funding of terrorism and money laundering.
Its solution has direct links to corporate identity sources and business registers globally, and provides an automation process to help companies meet their KYC data management requirements. The data is then lodged on the secure distributed ledger and becomes unalterable.
From securing our identity to securing our DNA
Over in the biotechnology space, molecular diagnostics company, Genetic Technologies (ASX:GTG) vowed early in 2018 that it would become a blockchain medical-data management company. It is seeking to unlock opportunities that combine genetic screening capabilities with blockchain technology.
Individuals can now share their genomic information with research organisations and ancestry tracking organisations, and effectively become part of big data sets.
One of the main concerns is ensuring the privacy and ownership of this data. Genetic Technologies are hoping to use blockchain technology in tandem with big data projects to ensure people will retain control of their personal medical records.
Verifying humans on social media
Mobile entertainment and digital media company Crowd Mobile (ASX:CM8) is integrating aspects of blockchain technology to verify human engagement on social channels, starting with influencer marketing.
Using blockchain technology, Crowd Mobile creates a Proof of Engagement from consumers, so that influencers and fans can engage with social media content in more meaningful ways and can prevent interaction with bots and fake profiles.
Bringing transparency to a complex logistical sector
Finally, Yojee (ASX:YOJ) is optimising the logistics industry by using blockchain technology to make the supply chain transparent in combination with its Artificial Intelligence software.
It has created a virtual network to connect all of the participants in a logistics network to enable collaboration and efficiency.
Yojee has recently signed a blockchain agreement with UPS as well as a substantial services agreement with a global freight forwarder.
It is apparent that blockchain’s role across various industries is predominantly to increase security and transparency, whether it be as part of a supply chain or in social media transactions.
These ASX small-cap companies are implementing the technology to improve their market, and by making it a core part of their solution they are each benefiting from the growing demand for blockchain solutions.
Star Investing has a commercial partnership with some companies mentioned in this article. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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