The Perth Mint, the government-owned gold trader, has announced partnering with Australian Securities Exchange (ASX)-listed Security Matters (SMX) to ensure the ethical origins of the gold it sources and supplies.
Security Matters (SMX) has a technology known as “The Intelligence of Things,” which is an all-inclusive ecosystem of track and trace and supply chain integrity and quality assurance solutions that are used for raw materials as well as end products. The technology includes a secret chemical-based barcode to mark any liquid, gas, or solid objects permanently. The barcode can be read by using their unique reader to access the stored data, that’s being protected using blockchain.
Perth Mint CEO Richard Hayes says, “This is a particularly significant development given the increasing focus on environmental, social, and governance practices across the world pertaining to the gold supply chain.”
“This game-changing technology will report on the origin of the gold and how the metal moves through the entire production and distribution process. This complete transparency will instill even greater trust in a commodity which already provides the ultimate refuge during times of economic and geopolitical turmoil,” he adds.
SMX is teaming up with the Perth Mint on a two-year exploration and consultation procedure on the most elegant model for the technology and logistical roll out, with a launch, under the hallmark – trueGold, which is expected to happen on Q1 2021.
SMX founder & CEO Haggai Alon said in a statement to the ASX, “The trueGold project perfectly demonstrates how easily big changes can be made to supply chains and distribution processes when adopted by leading organizations, and how technology can be used to drive change.”
“By differentiating between and employing a different technique to the three product lifecycles: raw material to production; production to commercial and; commercial to recycle you can create an entire tech-driven ecosystem that promotes and drives integrity, anti-counterfeiting, corporate transparency, accountability, and sustainability.”
Alon says he was privileged to be working with one of the prominent household names within the gold segment, and creating the syndicate was just the first step for Security Matters to show to the world how tech preserves the integrity of finest ores.
He says, “We are working tirelessly to create an authentic and transparent marketplace for all commercial and consumer goods.”