The Future of Supply Chain Transparency: How Security Matters' Blockchain Solution is Changing the Game
New York, New York
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May 01, 2023 05:30 AM Pacific Daylight Time
In a recent interview with New to the Street’s Ana Berry, Haggai Alon, founder and CEO of Security Matters (NASDAQ: SMX), discussed how the company's technology is revolutionizing supply chain authentication, traceability, and transparency. Security Matters' innovative solution marks materials with a virtual memory of their origination, with the data recorded on the blockchain. This technology is helping to create transparency and efficiency across various industries, such as fashion and plastics.
Supply Chain Authentication Market Estimated CAGR of 12.6% Between 2022 and 2031
The horizon for the supply chain authentication market is brimming with potential, as global growth prospects appear bright. A remarkable $2 billion market size in 2021 is expected to surge to an astonishing $6.3 billion by 2031, propelled by a stupendous compound annual growth rate of 12.6% from 2022 to 2031. This momentous growth is rooted in the escalating requirement for supply chain transparency, escalating occurrences of cyberattacks throughout supply chains, and the implementation of innovative technologies to amplify security measures.
As the market continues to expand, the demand for secure and reliable supply chain solutions has become a driving force. Businesses are seeking out innovative tools that can help them identify and mitigate potential risks in real time. With greater visibility and transparency, decision-making is becoming more informed and precise than ever before. Furthermore, the cloud is proving to be a game-changer, with its ability to support various architectures and developer tools that can enhance both professional and web-based applications. So, it's no surprise that cloud deployment types are expected to experience the highest growth during the forecast period.
SMX’s Technology and Unique Characteristics
By reducing dependence on sourcing materials from subcontractors outside the United States and increasing the ability to use waste materials, Security Matters' technology enables companies to maintain growth and profitability. This is achieved by being present at every stage of a material's lifecycle, from virgin raw material to end-of-life recycling.
Allen believes that growth and sustainability can coexist, with Security Matters' technology providing a unique toolbox for companies to maintain a healthy economy. By helping companies use more recycled content and providing a single technology that covers everything from sourcing to production to recycling, Security Matters gives businesses a competitive advantage.
The company originated from the Israeli government, with a team of scientists developing the technology and filing nearly 100 patents on 50 different materials. One example of the technology's application is in the fashion industry, particularly in the leather market. Security Matters' technology marks leather at various stages of production, allowing brands to provide their customers with greater transparency and fostering a new level of relationship in the digital world.
Blockchain plays a crucial role in Security Matters' solution, as unique molecular sequences are added at each stage of the material's lifecycle. This provides an additional layer of data per the request of stakeholders or brands, which can be read and extracted at any stage with a single reader. This comprehensive approach to supply chain transparency has the potential to significantly impact industries worldwide as the market continues to grow at a rapid pace.
In conclusion, Security Matters is at the forefront of innovation in supply chain authentication, traceability, and transparency with its groundbreaking technology. As the market size for supply chain authentication continues to soar, driven by increasing demand for transparency and heightened security measures, companies like Security Matters play a pivotal role in shaping the future of this industry.
By leveraging blockchain technology, reducing reliance on external subcontractors, and promoting sustainability, Security Matters' solutions have the potential to transform businesses across various sectors. As we move into a digital era that demands greater transparency and efficiency, the company's commitment to providing scalable and eco-friendly solutions could prove to be a game-changer for both businesses and the planet.
Watch SMX’s Full Interview On New to the Street: https://www.youtube.com/watch?v=vURNgO1E4Nc
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