Philip Morris, an International tobacco company is planning to employ emerging technologies such as blockchain in order to enhance the efficiency, transparency and cost effectiveness of its business, as reported by Cointelegraph on April 27.

A spokesperson from the firm spoke to Cointelegraph on April 26, in an email, stating that Philip Morris International is looking to employ blockchain for tracking tax stamps on cigarette boxes. The global head of architecture and tech innovation at Philip Morris, Nitin Manoharan, have estimated that by reducing tax stamp paperwork and fraud with blockchain, Philip Morris could alone save up to $20 million.

Manoharan reportedly claims to the crypto industry news outlet CoinDesk, that manual work, and the associated counterfeit risks end up costing the industry and governments $100 million a year. In addition, Manoharan added Philip Morris is looking to go live with six blockchain applications next year and tax stamp is one of them. He further also clarifies that the firm is following the government’s guidance on the matter.

In related news, Iota and Internet of Things (IoT) firm Evrythng have recently collaborated to apply blockchain and IoT tech in order to leverage better transparency for consumer goods supply chains.

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