ASX-listed technology business, Security Matters (SMX) has opened its first Fashion Sustainability Competence Centre which will use blockchain technology to enable fashion brands to recycle their own merchandise into new high-quality materials.
Global textile waste is expected to reach 148 million tons annually by 2030, but SMX’s Fashion Sustainability Competence Centre will allow fashion brands to recycle their own clothes, shoes, and accessories, to help meet carbon neutrality targets.
SMX’s breakthrough technology tracks, traces, authenticates, and verifies using both physical and digital markers. It follows every stage of the supply chain, from the raw material extraction phase, through manufacturing to distribution, retail and end of life.
Using this technology, SMX can provide a cost-efficient and tangible shared platform, transforming the production model from linear to circular, for businesses to reuse-made-recycle throughout their supply chain.
Security Matters founder and CEO, Haggai Alon (pictured), said the company wants to future proof the fashion industry.
“It is uneconomical and inefficient to use 100% virgin raw materials in every new product being manufactured. By using SMX’s marking technology and digital blockchain platform, fashion brands can efficiently sort, reclaim and reuse the raw materials in the unwanted product. Hence reducing the amount of virgin materials required; amount of waste sent to landfills; level of carbon emissions; and meeting the sustainability and ESG expectations of their consumers and stakeholders.
“The SMX’s Sustainable Competence Centre will enable fashion brands and their value chain partners to future proof their business models. Those ready to adapt and rethink their current business models will be the ones who will survive the best and thrive in the new circular closed-loop economy.”
The Centre will provide brands and supply chain partners with plastic credits and carbon credits, which will increase in value as the raw materials (e.g. plastics, textiles, rubber) go through additional lifecycle loop count. These credits can then be used to incentivise fashion brands and manufacturers to design for recyclability and consume less virgin materials.
SMX’s technology is applicable across a wide range of materials including wool, EVA, TPU, ABS, PET, vegan leather, polyesters and cottons and its applications encompasses shoes, trainers, clothes and accessories. Commencing in early 2021, the Sustainabiliy Competence Centre will be focusing its application on sunglasses, sports shoes (trainers) and t-shirts.