Samsung is Planning to Use Blockchain Technology for its Global Supply Chains by xabi

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news · @xabi · Apr 16 '18

$5.86

Samsung is Planning to Use Blockchain Technology for its Global Supply Chains

South Korean Electronic giant Samsung is keen to use **Blockchain Technology** into its global shipping system, Bloomberg reported yesterday.
The company’s IT subsidiary,Samsung SDS is planning to use **Blockchain Technology** with an aim to reduce shipping cost by 20%.
<center>![samsung container ship 16x9.jpg](https://gateway.ipfs.io/ipfs/QmcY8XjDe8Rgv7ZECmwvPRKtiEhVojW7GdGSnoS2DRF7fQ)</center> *[(Source)](https://www.transportesenegocios.pt/oocl-encomendou-seis-navios-de-21-100-teu/)*

Here is what Song Kwang-woo, vice president at SDS, told Bloomberg
> "It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation,"

In supply chain management, the **Blockchain** method of recording, verifying and sharing transactions significantly reduces time to trade paperwork and to arrange scheduling with port authorities. What this means for end users is if, the Tech Giant switches to Blockchain Technology the time between when a new product is launched and when it arrives at the stores or at customer's doorstep, will reduce significantly.
Samsung is already integrating itself with crypto mining industry as it partnered this year with mining hardware manufacturers like Halong Mining Corp and Bitmain  to produce ASIC chips.
Also Samsung isn't the only tech firm with ambitions to involve **Blockchain Technology** into supply chain management network. Big firms like NTT Data, IBM and Air France have all been working on their separate systems to bring more smoothness and transparency to their network,

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@kamchore · Apr 16 '18

$0.17

Nice to see big giant of of electronics market is coming on block chain Technology. Adaptation of big electronic giants will motivate other big giants to switch on block chain technology. Thanks for sharing @xabi

👍 xabi

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@minnowsupport · Apr 16 '18

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