The brand protection, supply chain integrity and blockchain technology company, Security Matters (ASX: SMX), has signed a pilot project agreement with a leading German secure identity solutions provider, Veridos GmbH, to explore the use of its technology in Veridos’s ID solutions.
The project with Veridos will see Security Matters incorporate its technology into two of Veridos’s ID solutions and will explore the ability of the technology to further enhance Veridos’s security solutions for the protection and validation of identity documents.
By using Security Matter’s technology that can irrevocably mark any solid, liquid or gas with a chemical-based barcode, the security and reliability of all documents used for identification purposes – including international travel – will be significantly enhanced.
The project’s success could also increase the safety and efficiency of airports, international immigration departments and the global identification market.
Veridos was founded by the two largest German high-end security technology providers: Giesecke+Devrient GmbH, Munich, and Bundesdruckerei GmbH, Berlin. The company combines specialist expertise and many years of experience to offer customers a unique product portfolio of security solutions that are used by the government, immigration and commercial sectors.
Security Matters’ pioneering technology can be used to add additional security and protection into Veridos’s existing products, giving it a key competitive advantage over other ID protection providers.
“There is a unique opportunity for Security Matters to partner with security and protection companies to further enhance and improve their safety and security of their systems, and this project is one example of that,” said Co-Founder and CEO of Security Matters, Haggai Alon.
The project is expected to commence in February 2019 and will run for three months. Consideration of US$46,000 will be paid to SMX on completion of the project.
Mr Alon is enthusiastic about the application of the technology in identification protection and validation.
“This is a great opportunity to use our proprietary technology for marking plastics and polymers, as well as its ability to read and detect those markers through any film, coating or packaging.”
“Our technology offers the security printing market a new standard for authenticity and identification and we are proud to have the opportunity to work with market leaders in the development and incorporation of authentication technologies.”
The global security printing market was valued at US$35.3 billion in 2018, and both companies are well positioned for growth within this market.
This project increases Security Matters’ international footprint, and supports its business model of building relationships with leading players in the security market globally to demonstrate the technology’s capabilities ahead of a mass market rollout.
This content is produced by Star Investing in commercial partnership with Security Matters. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Don’t miss a thing, subscribe now