SMX  Public Limited Company a company focused on digitising physical objects on the blockchain to enable a circular and closed loop economy, today announced that it has entered into an exclusive Commercial Agreement with Sumitomo Corporation, one of the world's leading general trading companies (Sogo shosha), for the exclusive, worldwide distribution to market and sell products for application in the Non-Ferrous Metals Market (all raw materials supply chain market segments of the Non-Ferrous Metals) as well as SMX's exclusive, worldwide reseller and sub licensor of the SMX's productsi and servicesii with respect to Customersiii in the Non-Ferrous Metals Market.  SMX in turn has agreed to not directly or indirectly, market or sell products or provide SMX products or service to customers or for application in the Non-Ferrous Metals Market during the term of this Commercial Agreement other than through Sumitomo, unless otherwise agreed.

SMX's special security features include the ability of invisibly marking substances (including Non-Ferrous Metals) with information on its exact geographical origin. With the aid of SMX special reading devices and specially developed software, the information on the Non-Ferrous Metals can be read out and its origin can be precisely assigned at any time. As part of the industrialization of this technology, it would also be conceivable for the marker technology to be linked to blockchain technology, which is believed to be forgery-proof.  Thus, SMX's special marker technology, is intended to contribute to even greater transparency and traceability along the entire Non-Ferrous Metals Market while enabling companies to:

• Accurately identify that the Non-Ferrous Metal(s) have been ethically sourced;
• Digitally certify the grade/quality of the Non-Ferrous Metal(s);
• Accurately identify the amount of Non-Ferrous Metal(s) contained in the finished good; and
• Enable the reuse/recycle of the finished good at the end of life.

This business partnership is driven by SMX's goal of creating a circular economy, where sustainability and environmental impacts are a key focus.

The companies are in discussion to further expand their relationship and will provide relevant updates to stakeholders as, if and when required.

Sumitomo Corporation, commented:
"Sumitomo Corporation is thrilled to pursue the collaboration globally in the Non-Ferrous Metals market with SMX by utilizing its unique technology. SMX's innovative technology provides unique ID directly to the objects without affecting physical properties, supplies optimal solutions to match information and the objects, and enables traceability from raw materials to product supply chain and its product life.
Together with SMX's leadership in its technology and with our global network, we intend to contribute to social and ethical issues in the Non-Ferrous Metals market, with the expectation of creating new value to the industry."

SMX, commented:
"We are honored to be working collaboratively with Sumitomo, to help achieve a more sustainable and ethical world for Non-Ferrous Metals.  SMX believes that this Agreement brings the beginning of the successful transition to a truly circular economy for Non-Ferrous Metals – where every material is fully utilized, reducing the use of virgin materials.
Together, we expect to authenticate sustainability requirements and further improve transparency in the Non-Ferrous Metals Market, with the aim of creating a new industry standard that ensures more Non-Ferrous Metals can be recycled."

 

Source:prnewswire.com

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