Security Matters patented blockchain system for cannabis supply chain management

Registered on the Australian Securities Exchange, Security Matters has filed a patent application in the United States for a blockchain system to securely manage the cannabis supply chain.

According to ZDNet, the system can be used to mark, track and manage the supply chain of cannabis and its derivatives.

Security Matters claims that the scope of the patent covers the use of its already patented solution for “labeling” cannabis plants at any stage of their cultivation, including seeds before planting. This technology uses the hidden chemical form of a barcode to label any material – solid, liquid or gas.

“The labeling solution can be applied to seeds or plants using enveloping, irrigation and fertilizing and is used to verify the authenticity of the product, to supervise and manage the supply chain of the plant and its derivatives,” the company notes.

When reading the barcode, the relevant data is stored in the blockchain, which provides a comprehensive solution for ensuring security and transparency in the agricultural sector and the cannabis growing industry.

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Haggai Alon, CEO and founder of the company, believes that the technology will solve two key industry problems: it will make it possible to track the origin of cannabis plants and control their contents to determine how they will be used. Note that in Australia, the consumption of cannabis for entertainment purposes is illegal, although its use for medical purposes is allowed.

“SMX technology can solve both of these problems without the need for complex genetic modification or negative effects on seeds, plants or cannabis products,” said Alon.

Recall that in July, billionaire from Greece Alkiviades David, who owns a Swiss consortium, announced the launch of the cannabis-secured token SWX Coin.