Emerging blockchain play Security Matters (ASX:SMX) has told investors it expects revenue to start flowing in the middle of the year after wrapping up a key trial of its technology.
It told the market today that it had wrapped up a Phase 2 trial of its ‘track and trace’ technology — with independent verification that the trial had been carried out successfully.
The trial was to test whether its ecological markers could be applied to seeds without any negative impact , and whether these markers could be read by SMX’s proprietary reader technology.
It got the word back that it had successfully done this, and will now move ahead with a Phase 3 trial to begin in the second quarter of this year.
“The positive results propel SMX towards commercialisation with commercial discussions between SMX and the leading seeds supplier reaching advanced stages,” the company said in a statement.
According to SMX, the global seeds market is estimated to reach US$113 billion (AU$156 billion) by 2022 — making it a fruitful industry for SMX to be planting its flag.
It said the Phase 3 testing would be done and dusted by the end of June this year, and this effectively “will symbolise the company’s full agricultural commercialisation and revenues are expected to be generated immediately after completion.”
Founder and CEO Haggai Alon said the results of the Phase 2 trial would support its wide-ranging push into the agriculture sector.
“SMX’s technology is the only authentication solution addressing the end-to-end process cycle, from the ground through to sale and consumption,” he said.
“SMX has targeted Australia as its first strategic market to launch its breakthrough agricultural track and trace technology, with the goal of assuring Australian consumers their food is safe and made from high-quality products.”
SMX’s push into medical cannabis, security sectors
While the Phase 2 trials most positively impact on SMX’s push into agriculture, they do also provide weight for its push into other industries.
So far SMX has outlined trials in the medical cannabis sector, and the security sector.
Meanwhile it is also targeting the booming medical cannabis sector, penning an exclusive development and supply program with CliniCann which supplies medical cannabis products to the UK, Australasia, Asia-Pacific and South America.
SMX will use its ‘track and trace’ technology on the packaging of CliniCann products, verifying their authenticity and security.
This content is produced by Star Investing in commercial partnership with Security Matters. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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