Philip Morris, the biggest tobacco producer is now working to create a new “public Blockchain” platform as noted by the executive of the firm.
The New York-based mega cooperation that had made the entire world addicted to tobacco is now seeking to build a Blockchain platform. Nitin Manoharan, global architectural and technical innovation head of Philip Morris told: “we want to do public Blockchain” at the London Blockchain expo on 25 April, Thursday.
With this Blockchain pivot model, the multinational tobacco producer is seeking to use Blockchain technology to track tax stamps on the cigarette packages Manoharan said.
He further noted that it may sound prosaic but these bits of paper for cigarette boxes are valuable (costing approximately $5.50 per pack) and are manually dealt with, giving the open chance to the fraudster to counterfeit them, which is costing the industry worth $100 million a year.
However, the company claims that the new Blockchain public ledger can save $20 million off the bat by simplifying the processes and reducing frauds adding features of more traceability and transparency into them.
As far as other enterprises Blockchain are concerned, they are private and permissioned which means parties need the approval to access over the ledger, however, the one offered by Philip Morris is open and accessible by all.
Manoharan told media: “the aspiration is an industry-wide Blockchain that interest stakeholders can come in and subscribe to it and benefits from it. If they see no value they can just leave”
He emphasized that the company is not creating any cryptocurrency now and nor they are building on top of the public ethereum Blockchain. Regardless of this, they are tailoring ethereum and Multichain (a coin science Blockchain platform) that can allow enterprises an open access network. This is why the tobacco giant is looking to use Hyperledger consortium instead.
As per the report, tax stamp taxing is one of the six use cases for which the company wants to explore Blockchain in order to develop the process further in the coming years. Manoharan extended saying:
We have gone through all the use cases of Blockchain public ledger one by one. “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 last Manoharan concluded saying public Blockchain is simple. They give us an opportunity and allow you to access everything easily on its present framework.