Boca Raton, Florida; New York, New York; London, United Kingdom
Verity has developed a Hybrid system Blockchain, (AI) Artificial Intelligence, and (IoT) Internet of Things technology platform, called Verity One™, to track and trace each individual pack of cigarettes.
Verity International LTD, said, “In order to comply with the EU mandate requiring tobacco companies to employ a system that assures tax revenues and eliminates counterfeiting, Using its powerful and scalable Blockchain and Artificial Intelligence platform, Verity will be able to millions+ packages of cigarettes per day, potentially making us the largest user of the Blockchain measured by transactions per day. Working with Verity, respective EU tax authorities will be able to confirm that all applicable taxes have been paid using an immutable, distributed ledger. The Verity One™ system will also reduce smuggled, diverted and counterfeit tobacco products, improving the safety of consumers. The tobacco industry and Verity will blaze a new trail for consumers, companies, and governments to adopt and use the Blockchain, generating more transparency, revenue, and compliance with the law.”
“I think government officials responsible for collecting tax stamp revenue in every country will sit up and take notice of what Verity is doing, and this may cause them to get warmer and friendlier with the crypto community. In the future, as more federal and state revenues are collected using Distributed Ledger Technology, I think governments will fall in love with the Blockchain. said Alex Lightman, Chief Legitimacy Officer at Verity and author of ‘Brave New Unwired World’, the first book on 4G Wireless.
About the EU government mandate:
On December 15, 2017, the EU Commission published a mandate that all tobacco companies establish an EU-wide track and trace system for the legal supply chain of tobacco products, governmental taxing and distribution requirements set forth by the EU 2019 Tobacco Track and Trace mandate to ensure that all tobacco products sold are genuine. This will guard against smuggling, counterfeiting, diversion, and verifies that all appropriate tax revenue has been collected on each individual tobacco product through an immutable system of record keeping.