SAMSUNG TESTS THE USE OF BLOCKCHAIN FOR TRACKING SHIPPING.

SAMSUNG TESTS THE USE OF BLOCKCHAIN FOR TRACKING SHIPPING.

According to a Report on Monday 16th April 2018 by Bloomberg, Samsung has shown interest in the use of a blockchain platform to manage its supply chain. The electronics giant stated in the report that it’s already building a distributed ledger system to track international shipments, and proposes a 20% reduction on shipping costs. The platform is being developed by Samsung SDS, the group’s logistics and IT subsidiary.

Song Kwang-woo, blockchain lead and Vice president at SDS, stated in the report:

“It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation,”.

This shift to a blockchain-based system is also aimed at ensuring reduced overheads that the firm incurs, such as costly shipping documentation, and allow it to respond more quickly to market movements.

 

Samsung is joining other big names like IBM and Air France in the adoption of blockchain tech in the supply chain industry.

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