The South Korean electronics giant Samsung looks to use blockchain technology to manage its global supply chain.
Samsung SDS Vice President and Blockchain Chief Song Kwang Woo said that the company is considering using a blockchain ledger system for tracking and monitoring its worldwide shipments. Song claims that incorporating blockchain technology into the current systems could save the company at least 20% in shipping costs:
“It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation.”
Samsung SDS is expecting a workload of around 488,000 tons of air cargo and 1 million shipping units this 2018.
Establishing a blockchain system to manage its global supply network could help cut down costs and delays to give the company a competitive edge over its rivals in the market. According to Professor Cheong Tae Su, an Industrial Engineering professor at the Korea University in Seoul:
“It’s about maximizing efficiency and visibility, which translates into greater consumer confidence.”