The electronics giant Samsung is reflecting on the use of a Blockchain platform to manage its global supply chains, according to a report.
Bloomberg said Monday that Samsung Electronics is already building a distributed accounting system to track international shipments, and expects the measure to reduce shipping costs by 20%.
According to reports, Samsung SDS, the group's logistics and IT subsidiary, is developing the platform.
"It will have a huge impact on the supply chains of the manufacturing industries.Blockchain is a central platform to drive our digital transformation, "Song Kwang-woo, blockchain leader and vice president of SDS, told Bloomberg.
According to the report, SDS will ship around 500,000 tons of air cargo and about 1 million shipping containers by 2018 - goods worth tens of billions of dollars.
It is expected that the change to a blockchain-based system will allow the company to reduce overhead costs, such as costly shipping documentation, respond more quickly to market movements.
Samsung is not the only major company that is moving to adopt blockchain technology in the supply chain industry. Big names like IBM, NTT Data and Air France have been working on separate systems to bring additional efficiencies and transparency to their networks over the last year.
And just last month, the Chinese petrochemical giant Sinochem successfully used blockchain to track a shipment of gasoline to Singapore. An opportunity to offer more fluid, safe, efficient and impactful city experiences.
Source: CoinDesk
