BASF and Security Matters have signed a binding joint development agreement to develop solutions for plastics traceability and circularity.
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.
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.
“To tackle the global challenge, we have to rethink plastic applications with their end of life in mind. It is essential to progress towards a circular economy approach that closes the loop on end-of-life resources and allows us to recover and recycle plastics as efficiently as possible,” said Achim Sties, Senior Vice President, Performance Chemicals Europe, BASF SE.
“We are jointly developing this game-changing technology that could capture information of the polymer and how the plastic moves through the entire production and distribution process. We will be able to devise an appropriate additive package for our customers and other players in the value chain using recycled material to capture more material value and increase resource productivity.”
Haggai Alon, Founder and Chief Executive Officer, Security Matters, Ltd, added: “By providing transparency of product lifecycles, we can create an entire technology-driven ecosystem that promotes circularity and sustainability for plastics. Together we can accelerate the progress of the plastic industry towards a more innovative, resilient and productive economy.”