Samsung Electronics Co. Considering a blockchain ledger system that tracks global shipments worth tens of billions of dollars a year, according to Song Kwang-woo, head of blockchain at Samsung SDS Co., the system can cut costs. Shipping to 20%.
While companies around the world are planning to deploy blockchain technology in all aspects from cross-border payments to track the lives of chickens in supermarkets, the Samsung Group is one. The first global manufacturers took a serious look at using the distribution ledger for their operations.
Mr. Song, vice president of SDS,This will be a huge impact on the supply chain of manufacturing industries. Blockchain is a core platform to operate our digital conversion process. "
Thanks to Bitcoin's remarkable boom, blockchain technology has been hailed as a breakthrough that will change the way transactions are recorded, verified and shared. Although its impact on the corporate world has been limited to now, Gartner Inc. expects blockchain-related businesses to generate $ 176 billion in value by 2025.
According to International Business Machines Corp., the company is working with A.P. Moeller-Maersk A / S to track cargo operations and automate paperwork. Blockchain proponents in the shipping industry say the technology reduces the time it takes to send paperwork back and works with customs authorities. The cost of container shipments is two times higher than transport.
SDS is expected to handle 488,000 tons of air freight and 1 million units of TEU (standard 20ft x 8ft x 8.5ft) containers this year. This could include organic light displays and Samsung Galaxy S9 phones. According to Cheong Tae-su, a professor of industrial engineering at the University of Korea in Seoul, the blockchain system could help the company reduce the time lag between product launch and actual shipments, Rather than rival products and consumer redirects to emerging markets like China.
"Blockchain technology helps cut costs and eliminate congestion, thereby maximizing supply and visibility, increasing consumer confidence," said Cheong.
