SMX (Security Matters) is a pre-commercial technology company that embeds invisible sub-molecular markers into physical materials — solids, liquids, or gases — to enable supply chain traceability and material authentication. The core system has three components: proprietary chemical markers embedded into a material at the raw material stage, handheld or industrial x-ray scanners that read those markers, and a blockchain platform that records scan data as a tamper-resistant digital record of chain of custody. SMX sells business-to-business, targeting manufacturers, brand owners, and raw material producers across plastics recycling, rubber and tires, precious metals, fashion and luxury, electronics, and non-ferrous metals. The business model combines one-time setup fees, per-item or per-kg marker fees, reader sales or leases, and ongoing blockchain service fees. SMX licenses its core technology from Isorad, an IP holding company linked to the Israeli nuclear research center Soreq, paying a 2.2% royalty on gross sales for 25 years. SMX operates joint ventures in gold (trueGold, 52.9% owned) and diamonds (Yahaloma, 50% owned), and has an exclusive distribution agreement with Sumitomo for non-ferrous metals. SMX is also developing a Plastic Cycle Token — a tradeable digital asset backed by verified recycled plastic — targeting environmental credit markets. The company is still primarily in the pilot stage, with its most advanced deployment being a national plastic circularity platform in Singapore with A*STAR.