Samsung Is Planning to Implement Blockchain Technology for Logistics Purposes

[Goodcat49]

Famous South Korean giant Samsung Electronics Co. is considering the implementation of blockchain tech in order to supervise the company’s supply channels around the world. The Asian manufacturer could become one of the first to deploy the financial technology behind cryptocurrencies.

According to reports, Song Kwang Woo, the chief of blockchain at Samsung SDS, stated that the group’s logistical and information and technology arm, Samsung Electronics is looking at a blockchain ledger system that will enable it to keep track of global shipments worth tens of billions of dollars annually.

"It will have an enormous impact on the supply chains of manufacturing industries," said Song Kwang-woo, blockchain chief and vice president of SDS. "Blockchain is a core platform to fuel our digital transformation."
As Song Kwang-woo reported, Samsung is interested in a blockchain ledger platform because it can help trace international shipments saving a lot of money as well as time for processing data. Besides, the fintech is said to reduce shipping costs by 20 percent.

Taking a Closer Look
Samsung Group and its staff on the move to use blockchain technology system.

As many different companies globally have said that they are considering to deploy blockchain technology on everything from cross-border payments to tracking the life-cycle of supermarket chickens, Samsung Group is one of the first global manufacturers to take a serious move toward using the distributed ledgers in its usual operations. SDS again is working on the system for Samsung Electronics, the conglomerate's crown jewel.

Shipping experts report that blockchain minimizes the time needed for sending documents to receivers and back to the company and for coordinating with port representatives. Furthermore, documentation costs for a container shipment is twice that of the transportation spending itself.

“It cuts overhead and eliminates bottlenecks,” Cheong Tae-su, professor of industrial engineering at Korea University in Seoul, said.
He continued:

“It’s about maximizing supply efficiency and visibility, which translates into greater consumer confidence.”

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/samsung-to-implement-blockchain-technology/