Nowadays the technologies are more into providing quick shipments of phones and chips. Samsung is now using blockchain technology to keep a track of its huge global shipments as well as to reduce its shipping cost by 20 percent.
The Samsung Group is the first ever global manufacturers to utilize distributed ledgers in its operations. Tracking the global shipments which are worth ten billion dollars a year is the center of attention behind the implementation of decentralized ledger system.
The blockchain chief at Samsung SDS Co, Song Kwang-woo, believes, blockchain technology could cut down shipping cost by 20 percent. Currently, SDS is working on conglomerate’s crown jewel system for Samsung Electronics.
The vice president at SDS, Song Kwang-woo said,
“It will have an enormous impact on the supply chains of manufacturing industries. However, the blockchain is a core platform to fuel our digital transformation”.
Samsung’s implementation of Blockchain
According to the post on Bloomberg, SDS is to handle 488,000 tons of air cargo and 1 million 20-foot-equivalent (TEU) shipping units this year. Since it includes organic light-emitting diode displays and Galaxy S9 phones made by Samsung Electronics.
Professor of Industrial Engineering at Korea University in Seoul, Cheong Tae-su said:
“A blockchain system may help the company reduce the time lag between product launches also actual shipments. By making it easier to respond to rival products and shifting consumer appetites in emerging markets like China”.
Moreover, blockchain technology helps to reduce the time taken to send paperwork while coordinate with port authorities.