Security Matters To Develop New Blockchain Application On R3’s Corda; Signs MoU

June 03, 2019 09:38 PM AEST | By Team Kalkine Media
 Security Matters To Develop New Blockchain Application On R3’s Corda; Signs MoU

Security Matters Limited (ASX: SMX) is a brand protection, supply chain integrity and blockchain technology company which focuses on becoming the global record of physical goods. On 3 June 2019, the company announced that it has inked a Memorandum of Understanding (MoU) with R3 for developing a new blockchain application on Corda (R3’s platform).

R3 is an enterprise blockchain software company that works with above 300 participants from various sectors for developing Corda, its open source blockchain platform as well as Corda Enterprise, which is a commercial version with the purpose of enterprise usage.

Under the terms and condition of the agreement, Security Matters along with R3 would be working together to utilize the company’s technology for developing a new blockchain solution on Corda platform, that will work in tandem with the brand protection technology of the company and boosts its capabilities.

Through this agreement, the company would be able to offer its existing clients a fully integrated end-to-end mark and trace solution for all physical goods. The signing of the agreement is a significant step of the company towards commercialization for the company as the first step in executing its commercialization strategy of creating a fully integrated anti-counterfeiting, as well as brand protection offering improved via blockchain technology.

During Q1 FY2019 which ended on 31 March 2019, the company completed an oversubscribed placement to institutional and sophisticated investors and raised $6.2 million before costs where the shares were issued at $0.50 per share.

Also, the company had made 3 strategic appointments to the leadership team. Out of the three appointments, one appointment was of a Chief Technology Officer, and two were highly experience PhD qualified Chemical Engineers. The Chief Technology Officer, Mr Gal Shmueli, has above 26 years of experience cyber research and development. He is leading the development of blockchain and digital applications of the company.

The testing within the agriculture and electronics sectors was completed during the period. It also proved the versatile marking technology of the company, which can be integrated fully into any industry as well as commercial application.

The company also executed various proof of concept agreements with the leading international companies such as The Perth Mint and CliniCann.

During the period, the company used US$0.811 million in its operating activities. The cash outflow was in the form of payment made for research and development, advertising and marketing, staff cost along with the administration and corporate costs.

The net cash used in the investing activities was US$0.167 million, and in financing activities was US$0.069 million. By the end of the Q1 FY2019, the company had net cash and cash equivalent worth US$1.365 million.

In the previous six months, the shares of SMX have generated a decent return of 21.88%. The stock yielded a YTD return of 34.48%. The shares of SMX last traded at A$0.395 (on 3 June 2019), up by 1.282%. Security Matters holds a market cap of A$42.86 million and approximately 109.91 million outstanding shares.


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