Philip Morris, the world-renowned tobacco producer is now working on a new ‘’public blockchain’’ as a company executive noted. It is still not really clear what the term exactly means but in the altcoin news below we can try to give an answer.
The global head of architecture at Philip Morris Nitin Manoharan noted:
“We want to do public blockchains’’
To be more specific, the New York-based tobacco company would use this new public blockchain to track tax stamps on cigarette boxes as Manoharan explained. He pointed out that these pieces of paper are valuable since they are worth about $5.50 per packet and are manually dealt with. This means there is an open chance of them being easily counterfeited which later costs the industry $100 million a year. Philip Morris is estimated to be able to save up to $20 million off the bat by implementing an automated process and could even reduce the possibilities of fraud with transparency and traceability.
As far as enterprise blockchains are concerned regarding the permissions, the one that Philip Morris will be using, makes the parties participating able to access it easily. Manoharan pointed out:
“The aspiration is an industry-wide blockchain that interested stakeholders can come in and subscribe to it and benefit from it. If they see no value they can just leave.”
Philip Morris is not creating a cryptocurrency at the end of the day, nor is it building on top of the public ETH blockchain. Manoharan says that the tobacco giant is using the Hyperledger consortium instead. As the latest cryptocurrency news report, tax stamps tracking is only one of the blockchain use cases that the company is exploring in order to develop it further in the following year. Manoharan stated:
“We view it use case by use case. But, this particular use case, for me it’s a public blockchain use case. I wouldn’t say public for all of them: there are quite a few use cases that are purely internal and need to go through access control etc.”
At the conclusion of the interview about the future of the blockchain technology in Philip Morris, Manoharan said that permissioned blockchains are simple. They have a small opportunity and you can easily achieve anything with the existing infrastructure.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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