Samsung Electronic, the world’s biggest smartphones and electronic chips manufacturer, will develop a blockchain-based platform intended for managing its global supply chain network.
This task will be carried out by the company’s IT subsidiary Samsung SDS, as revealed by SDS blockchain chief Song Kwang-woo who believes that the implementation of distributed ledger technology could reduce overall shipping spendings by 20 percent.
“It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation,” – Song noted.
Apart from cutting shipping costs, a blockchain platform may narrow the time gap between product launches and their shipments to end users.
Samsung SDS has been involved in blockchain-related research and development for quite a while already. By early September 2017, it had successfully completed the first trial run of a fully blockchain-controlled shipment from Korea to China. The final goal is to apply this system to all company’s imports and exports in Korea.