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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“Participants reflected on the legitimate use of blockchain technologies, including the use of cryptocurrencies for trading and investment activities, payment method and as a store of value.”As noted in the coming altcoin news, blockchain technology spiked the interest in business leaders and governments around the world. There will be a part of every business in the future consisted of blockchain since already some major companies such as Amazon, Google and Microsoft are all into the technology.
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“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements,” Lee noted, confirming the news that Samsung taps blockchain.As we reported last month in our altcoin news section, the budget smartphones by Samsung will start to include cryptocurrency and blockchain features. Meanwhile, crypto and blockchain functionalities have already been confirmed for the Samsung S10 phone and will be included in other Galaxy smartphone models, too. At the end of April, one anonymous source also claimed that Samsung could eventually develop its own public-private blockchain which will be completed with its own token. This confirms the craze for blockchain technology and innovation that is currently spreading among Asian conglomerates.
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