Author: Daniel Palmer Translated by: Annie_Xu
Electronic equipment giant Samsung is considering using a blockchain platform to manage its global supply chain, according to a report.
Bloomberg reports that Samsung Electronics is said to be ready to build a distributed ledger system to track international shipping, a move that is expected to cut shipping costs by 20 percent.
The group's logistics and IT subsidiary, Samsung SDS, is said to be developing the platform.
"It will have a huge impact on the manufacturing supply chain. Blockchain is the core platform that will power our digital transformation," said Song Kwang-woo, SDS vice-chairman and head of blockchain.
According to reports, SDS will transport about 500,000 tons of air cargo and about one million sea containers in 2018, with goods worth tens of billions of dollars.
The move to a blockchain-based system is expected to allow the company to reduce high costs, such as high-cost shipping documents, and allow it to respond more quickly to market dynamics.
Samsung is not the only major company that will adopt blockchain technology in the supply chain industry. Big companies like IBM, NTT Data and Air France have all been working on standalone systems for the last year, bringing more efficiency and transparency to their networks.
Just last month, Chinese petrochemical giant Sinochem successfully used blockchain to track a shipment of oil exported by sea to Singapore.
This article only represents the author's personal opinion, does not represent the position of the blockchain pencil, does not constitute investment advice, and the content is for reference only.
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