Special Report: Security Matters (ASX:SMX) is hailing a call by “Big Four” accounting firm KPMG to use blockchain technology to safeguard vaccine rollout.
KPMG partner Peter Liddell told The Australian recently that a blockchain platform could instil greater confidence in a COVID-19 jab.
“This is a classic example where 21st century technology plays an important part of keeping us safe with a very precious commodity,” Liddell said.
“Let’s be honest, anything that’s such a precious cargo, there are potentially going to be unofficial things that make their way into the network.
“We saw it with some of the PPE products that ended up making their way into countries around the world.
“Blockchain is a best-in-class way of protecting us against those challenges. With it you can (build) compliance around cold chain, temperature storage and handling, the integrity of who’s actually touched it and managed it through the supply chain, so it puts authenticity around it.
“It proves that it wasn’t an unofficial or counterfeit product that has been opened and tampered with.
“So you can put really strong compliance, authenticity of product requirements around this whole track and trace capability, which gives stakeholders comfort that what they are getting and receiving is the genuine product.
“That to me is the critical area.”
Haggai Alon, the founder and chief executive of ASX-listed brand protection and authentication company Security Matters, couldn’t agree more.
The company has designed a blockchain digital twin (physical marking + blockchain) platform that can track, trace, authenticate and verify products – both physically and digitally – at every stage of the supply chain, from raw materials to distribution and retail.
“I call it impartial democracy – meaning the data is democratised by the fact that it is not garbage in, garbage out,” he said.
“It’s the relevant data, the good data inside, and there is complexity and different kinds of authorities and accessibility, who can see what data.
“So you get on the one hand value chain certified system, at the other hand, irrefutable and uncontaminated data, and on the third layer, different players that look at different parts of the data, without interfering with each other.”
It’s critical, Alon says, for institutions like supermarkets, airlines, and even sporting events to be able to verify if people are really vaccinated.
“This is exactly what blockchain was designed for, because you want to be sure that somebody was vaccinated with this or not,” he said.
“So I can really understand why the Australian Government is looking to use blockchain to do the vaccination.”
Because the vaccine is medicine, Security Matters’ solution would involve a long-lasting spray that could be applied to the vaccine vials, packaging and paperwork.
“Every kind of mark would have a digital twin on the blockchain record. And by that, you create a secure ecosystem,” Alon says.
The blockchain records could also adapt to any existing data storage system, Alon says.
SMX picking up speed
Security Matters is working on a number of other problems – a 3.0 blockchain platform, the successful completion of a proof of concept with Intel, and the opening of a Sustainability Competence Centre for Fashion, with an initial focus on sunglasses, sports shoes and T-shirts.
The proof of concept that Security Matters recently completed with Intel could enable the computer chip giant to tell when their motherboards have been tampered with.
This article was developed in collaboration with Security Matters, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
