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Samsung plans to leverage Blockchain for its Global supply chain

Pooja
Pooja

The so-called World leader in mobile and semiconductor industry is planning to embrace blockchain technology for its vast global supply chain.

As with any other company, Samsung is behind solving its supply chain cost reduction problem and to which Blockchain is a word which comes to rescue. As reported by Samsung’s SDS blockchain chief Song Kwang-woo, the costs of the company’s supply network, which accounts for tens of billions of dollars per year, can be decreased by 20% with this technology.

As told by Song Kwang-woo,

It will have an enormous impact on the supply chains of manufacturing industries

With this implementation, Samsung will be one of the first industry to use distributed ledger in its global operations.

Specifically, Samsung was involved in releasing 7 months pilot project which allows to register and track shipping logistics of the import and export merchandise within the mass shipping industry in South Korea.

The main areas which are expected to impact by this technology include shortening the time of sending, receiving and coordinating documents with the port authorities, an activity that is even much more expensive than transport itself.

As per statistics published in Bloomberg, approximately 488,000 tons of air cargo and 1 million 20-foot-equivalent (TEU) shipping units is expected to be handled using this technology.

Apart from help for logistics department, this digital transformation would benefit the company by reducing the time and ramp up efficiency between product launches and their shipments to end users.

Finally, the introduction of blockchain platform to a company also included the launch of a blockchain consortium in June 2017.

BlockchainfeaturedsamsungSupplyChain

Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc