Philip Morris Estimates $20mln Savings via Blockchain Use

Philip Morris Estimates $20mln Savings via Blockchain Use
April 30, 2019

 

The price correction, which started in the cryptocurrency market last week, continues with Bitcoin (BTC) being one of the major losers. The cryptocurrency has lost 3.4% in a week to trade at $5,193. Ethereum (ETH, the preferred smart contract deployment platform for blockchain specialists, lost 8.80% to close at $155.74. Other altcoins have lost between 5% and 20% in the past one week. This includes Ripple (XRP-$0.2919, -9.6%), EOS (EOS-$4.54, -13.1%), Stellar (XLM-$0.9564, -15.8%), TRON (TRX-$0.02248, -10.1%), Cardano (ADA-$0.0651, -15.9%), MIOTA (IOTA-$0.2892, -5.4%), Bitcoin Cash ($235.61, -18.9%) and Litecoin (LTC-$68.32, -10.8%).

 

Government level initiatives

Chinese government backing a “blockchain city.”

The Chinese government is backing the construction of a “blockchain city” on Malaysian Malacca Strait’s crucial shipping lane. Engineering and construction firm China Wuyi and investment network SWT International Sdn Bhd have partnered together to unveil the Chinese government-sponsored venture that involves turning Malacca City into a blockchain city named Melaka Straits City. Project founders intend to collect $120 million in the early phase. The city’s entire economy will run on blockchain technology. The framework is provided by a platform named DMI having DMI coin as the native currency. DMI will be utilized to settle government-related services and showcase an exchange that will permit Melaka Straits City tourists to swap their currencies for DMI coins.

Lim Keng Kai, the project CEO, said: “our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination. We have the government approval to remediate this land and came up with some great plans for the area.”

China is broadening its authority in the Pacific by investing in infrastructure and townships. In the past seven years, China is believed to have invested $6 billion in subsidized loans and other assistance into commodity-rich Port Moresby located in Papua New Guinea, which is keen to monetize its natural gas, minerals, and timber assets.

 

Blockchain solution perhaps coming to Ohio

A new bill tabled last week in Ohio’s House of Representatives would, if approval is granted, permit the state government and related organizations to incorporate blockchain solutions. As per the Ohio State legislature’s official website, the bill, named House Bill 220, was endorsed by Republican Party State Representative Rick Carfagna, who represents Ohio’s 68th district in the House.

The bill would potentially provide legitimacy to government blockchain apps such as storing car numbers or searching licenses online, where approved institutions could obtain them on a secure distributed ledger. Ohio Lieutenant Governor Jon Husted and Cuyahoga County Executive Armond Budish supposedly took part in an event dedicated to the collaboration between start-ups inclined towards social causes and government body, which consists of a panel exploring the benefits of blockchain for government functions.

 

Private sector initiatives

Philip Morris considering blockchain to monitor tax stamps

Philip Morris, an international tobacco company, is looking at the prospects of using blockchain to monitor tax stamps on cigarette boxes. Philip Morris International aims to adopt innovative technologies such as blockchain to enhance it’s business’ productivity, accountability, and cost-effectiveness.

Nitin Manoharan, Philip Morris’ global head of architecture and tech innovation, has in recent times assessed that Philip Morris alone could offer savings of up to $20 million by minimizing tax stamp documentation and forgery using blockchain. According to Manoharan, manual labor and related counterfeit dangers can cost the sector and governments $100 million a year.

Manoharan revealed that tax stamp tracing is only one of six blockchain projects that Philip Morris is planning to implement during 2019. The company has also clarified that it will heed to government’s guidance on the subject.

 

SABB introduces Ripple’s payment transfer facility

Saudi British Bank (SABB) has introduced Ripple’s real-time cross-border payment transfer facility. The bank said the facility, presented at the Riyadh Financial Sector Conference last week, was one among a series of “strategic plan for digital transformation and enriching customer experience.”

SABB claims to be one of Saudi Arabia’s first banking institutions to sign up for Ripple’s network in January 2018. In December 2018, a trial of the facility and assessment of the technology was completed using Indian rupees. Majed Najm, deputy managing director of corporate and institutional banking, opined the platform would offer faster, more transparent cross-border payment systems. Obviously rupee is the first fiat currency supported by the platform, and in the future SABB intends to list more nations and their currencies.

Majed Najm also explained the reason behind the implementation of blockchain technology as follows: “This step is part of the bank’s ongoing efforts to provide the best banking services to customers, make use of the latest technology and global banking products available, and create methods and means to save time and effort for our customers.”

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

 

Sammy

Sammy

Sammy is our forex expert, with over 20 years experience in the financial sector, she will be keeping you up to date with the ups and downs of currencies around the world


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