One can never deny the fact that the implementation of the latest trends and technologies within your business never goes out of style. In fact, its perhaps one of the wisest decisions one can ever make to glorify as well expand the boundaries for your business.
Keeping in mind this essential fact of being up-to-date with the technology, one of the biggest tobacco firm Phillip Morris is planning to implement the blockchain tech for tracking tax stamps on cigarette boxes.
The firm believes that these will undoubtedly enhance not only the transparency but also the cost effectiveness of the business.
Well as far as the views of global head of architecture as well as tech innovation, Nitin Manoharan, is concerned it is quite clearly estimated by him that the firm can save almost $20 million by reducing tax stamp paperwork as well as a fraud with Blockchain. Moreover, he also pointed out the unnoticed fact that combining the associated counterfeit risks end as well as the manual work almost ends up costing the industry and the government $100 million a year.