Philip Morris is building a public blockchain

Jun 06, 2019851

Giant Philip Morris is building a public blockchain for tracking. However, the main network that the company will use has not yet been informed. Even so, the tobacco industry, even with all taxes, is still strong in the world market.

 

In addition, the new blockchain may be fundamental to the company, since it will be possible to mitigate risks. The company estimates that about $ 20 million can be saved each year.

 

Public blockchain may use Ethereum

 

The blockchain technology allows several applications to be built, solving problems that until then did not know solutions.

 

The fact is that one of the cases Philip Morris is testing is the tracking of tax labels. That's because these labels, which are printed on the cigarette cases, are expensive for the company.

 

However, many label fakes, which can be done with high-quality printers, do damage. The company then wants to be able to track these tags with the blockchain.

 

The solution under analysis can use the blockchain Ethereum (ETH), which is a public network. However, not all of the applications that Philip Morris is embracing may be public. This is because some jobs may be available only to certain people, and in this case would be created applications in another blockchain. Hyperledger has been one of the options that the company considers for this private blockchain stage.

 

Governments also have losses with tag scams

 

In addition to the previously cited injury that the company may fail to have, governments also have problems with label fraud.

Each sticker costs around US $ 5.50 per package, and every fraud occurs, taxes are no longer collected.

 

The new blockchain will be made available to other companies that see sense in running a node. However, there will be no issue of tokens or crypto-coins at first.

 

In addition, the head of the innovation division, Nitin Manoharan, told the Coindesk portal more details. According to the company's vision, "an interested third party could make use of the technology". He added that if "a company does not see meaning in the application, just do not use more".

 

Private blockchains are very simple. The real value is in public blockchains, where multiple players can participate in a reliable way.


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