Samsung develops Blockchain-based tracking system, expecting that the move could reduce shipping costs by as much as 20%. In addition, the new system will allow it to react more quickly to the market movements.
17 April, AtoZ Markets – One of the world’s biggest electronics companies, Samsung, has announced that it is looking into the use of Blockchain platform to administer its global supply chains.
Samsung Develops Blockchain-based Tracking System
The latest online reports state that Samsung Electronics is already working on a distributed ledger system to track international shipments. The company reportedly expects that the move could reduce shipping costs by as much as 20%. The company’s logistics and IT subsidiary, Samsung SDS, is developing the platform, according to the media reports.
Song Kwang-woo, blockchain lead and vice president at SDS, has been quoted as saying:
“It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation.”
As per the report, SDS plans to ship around 500,000 tons of air freight and around 1 million shipping containers in 2018. These products are worth tens of billions of dollars. Samsung plans to decrease overheads with the help of a Blockchain-based system. In addition, the new system will allow it to react more quickly to the market movements.
Big Corporations Eye Blockchain
In the meantime, Samsung is not the only major firm that is looking into the possibilities of integration of Blockchain. Some of the large companies, such as IBM, NTT Data, and Air France have also expressed some interest in this technology. It is known that they have been working on separate systems to advance the systems and bring transparency to their networks.
Mastercard has recently published a patent filing, suggesting that the company is considering Blockchain as a way to protect identity data. In the application issued by the US Patent and Trademark Office (USPTO), Mastercard has described a system, in which a semi-private or private Blockchain would be utilized to receive and store identity data. Some of the identity data details may include “name, a street address, tax identification number” and the like.
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