Security Matters, Ltd and BASF sign a binding joint development agreement to develop solutions for plastics traceability and circularity. Plastics, with unique characteristics and when used properly, contribute to a more sustainable and resource efficient future. However, to move towards a circular economy, more plastic waste needs to be recovered and reused. Though there is great progress towards chemical recycling, the more common method is to mechanically recycle plastic. Currently, recycled plastic loses its mechanical performance properties and quality compared to virgin plastic due to polymer degradation and residual impurities. The recycling infrastructure is also expensive and complicated, and simply does not exist in many parts of the world.
In their cooperation, Security Matters and BASF aim to offer a solution for this. Security Matters will contribute its technology to enable physical and digital tracking of closed loop recycling, authenticate sustainability claims and improve sorting of plastic waste. The partnership leverages BASF’s extensive experience in plastic additives, regulatory know-how, and understanding of the plastics value chain. Both companies will also combine their research & development capabilities and required resources as part of the agreement.
Security Matters will provide its track and trace solution that marks physical objects with a unique and unalterable chemical-based barcode and connects them to a digital twin. The barcode withstands manufacturing and recycling processes, without altering the appearance or performance of the object. Using proprietary technology, the barcode captures a wide variety of information embedded in the plastic and can be used for closing the plastic loop.