A statement from SMX said the project aimed to assess how the technology could be used to enhance the security and reliability of documents used for ID purposes, including international travel.

The project with Veridos is set to begin in February 2019 and SMX will pay US$46,000 to the German firm after completion.

Haggai Alon, co-founder and chief executive of SMX, said: “The Security Matters’ core IP was originally developed by the government of Israel and the signing of this agreement demonstrates how versatile the technology is.

“We continue to develop and improve our offering and are excited to showcase how much further we have pushed innovation in the sector.”

The SMX statement said the Veridos deal was a milestone as it increased SMX's international footprint.

It also supported the company’s business model of building relationships with leading players in the security market globally to demonstrate the capabilities of the technology ahead of a mass market rollout.

SMX listed on the Australian Stock Exchange in October.