Samsung introduces the blockchain to track the supply chain

The South Korean giant in the field of electronics manufacture Samsung is considering the possibility of using the blockchain to manage their global supply chains.

Bloomberg reported
Monday that Samsung Electronics is developing the system based on a distributed registry for tracking international shipments and anticipates that these efforts will help to reduce transportation costs by 20%. According to the publication, the platform is developing logistics and IT division of Samsung SDS.

«This platform will have a huge impact on the supply chain of the manufacturing industry. The blockchain is the main platform, promoting our development in the field of digital technologies,» said Bloomberg, a Dream Kwang-Woo (Song Kwang-woo), head of development of blockchain and Vice-President of the SDS.

According to the report, in 2018, the SDS plans to undertake the transportation of goods weighing approximately 500,000 tons, and the shipment of products by sea total weight of about 1 million tons. The inclusion in the process system based on the blockchain, as predicted by representatives of the company, will help to reduce the firm’s overhead costs, e.g., costly transportation, and will allow it to respond more quickly to market changes.

Samsung is not the only large company that is going to go on the technology of the blockchain to control the supply chain. Such major organizations as IBM, NTT Data and Air France is also working to create their own systems to improve the efficiency and transparency of their operations in this area. In addition, last month the Chinese petrochemical giant Sinochem has successfully used
blockchain for the export of goods.

 

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