International Tobacco Company Wishes To Save Money By Switching To Blockchain

World renowned tobacco giant, Philip Morris, is looking to adopt blockchain technology in hopes of saving the company a ton of money.

The firm is looking to use the technology to track tax stamps on cigarette boxes, as confirmed by the firm’s spokesperson to a leading crypto publication. A recent estimate by Nitin Manoharan, Philip Morris’ global head of architecture and tech innovation, claims that the company could save up to $20 million, if they choose to reduce tax stamp paperwork and fraud with blockchain.

The company is looking to make use of the entire range of emerging technologies, to make way for a more smooth, transparent and economically viable system, involving administration and logistics. They aim to do this by implementing blockchain technology.

Manoharan has stated that the company faces a huge loss threat from counterfeit products. In our piece titled How Can Blockchain Help Prevent Counterfeiting?, we have written extensively on blockchain’s possible contribution to saving the industry from counterfeit products. Thus it only makes sense that the company is turning to blockchain. to help fight counterfeiting.

The tobacco business is looking towards blockchain and crypto for quite some time now. Previously we had reported how You Can Now Buy Cigarettes And Bitcoins From The Same Shop In Paris. It is a clear indication that the two industries are opening up to each other.

Philip Morris is planning to launch several blockchain applications next year, and they fully intend to follow the  the government’s guidance on the matter. This seems like a general nod in the direction of the dream, that imagines a world of mainstream implementation of blockchain technology.