Blockchain information technology company, Security Matters, is collaborating with the Perth Mint to develop bespoke tracing technology.
The innovation will be used to develop tech solutions that mark and track gold from the mine through to the Mint’s refining process into its final products.
“We are delighted to be involved with SMX in developing cutting edge technologies that will enhance supply chain integrity in the global precious metals industry,” Richard Hayes, CEO of The Perth Mint, said.
SMX’s blockchain technology will be incorporated into the Perth Mint’s gold value chain, from ore processing to final product.
“The signing of this agreement represents the first step of us creating a global syndicate, on which we are now focused. It also demonstrates our ability to execute and deliver on our business model,” Haggai Alon, founder and CEO of Security Matters, said.
SMX’s technology enables any solid, liquid or gas to be invisibly ‘marked’ using a chemical-based barcode, ‘read’ using a proprietary reader and stored via a blockchain record.
This will allow businesses to track everything, from raw materials to manufacturing and sale, providing a tamperproof record of physical goods movements through the supply chain.
“Consumers globally are looking for greater transparency in how the products they buy have come to market. The Perth Mint is committed to the highest ethical sourcing standards, and this initiative simply reinforces our commitment to and support for the Australian gold mining industry,” Hayes said.
The Perth Mint is Australia’s largest integrated enterprise, providing premium gold, silver and platinum products. As one of Western Australia’s largest exporters, it distributes $18 billion worth of precious metal bars and coins annually.
SMX is a brand protection, supply chain and blockchain technology company focussed on becoming the global record of physical goods.