Security Matters (ASX:SMX) has created a bank of 500,000 codes from its proprietary markers, 10 times the amount it outlined in its initial public offer prospectus in October.
It is a major technological milestone for Security Matters, the brand protection, supply chain integrity and blockchain technology company.
Its technology allows any solid, liquid or gas to be invisibly and irrevocably ‘marked’ using a chemical-based barcode.
It can then be read using a proprietary reader and stored via a blockchain record, ensuring its security.
In its prospectus, the company said funds raised would go towards the creation of a bank of 50,000 markers for the plastics and electronics industries.
But it smashed through that barrier, in what founder and CEO Haggai Alon said was a significant achievement for its research and development team.
“This is an excellent achievement for our team, and we have considerably surpassed our promise of delivering 50,000 during 2019. We outlined a number of targets during IPO marketing and behind the scenes we have been working extremely hard to execute and deliver,” he said.
The bank of codes have been engineered from SMX markers and are used to log data on the blockchain. They can also be used and adapted to provide customers with a plethora of bespoke authentication solutions for their products.
The stockpile places Security Matters in an envious position, giving it a bank of ready-to-go codes as it ramps up commercialisation of its technology. The company is involved in a wide range of industries, and you can get the full rundown of those here.
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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