Samsung to use Blockchain Technology

Nishanth Shetty

Nishanth Shetty

April 16, 2018 1:25 pm

Samsung to use Blockchain Technology | Coindelite News
3256 Total Views

Blockchain technology to be Used by Samsung to Manage its Global Supply Network

The world’s largest smartphone manufacturer and semiconductors might use blockchain technology for managing its huge global supply network.

Song Kwang-woo, the blockchain chief at Samsung SDS Co., the group’s logistical said that Samsung Electronics Co. would be considering a blockchain ledger system for keeping track of global shipments worth tens of Billion of dollars a year. The system could decrease shipping costs by 20 percent.

The move comes after the companies around the world have told they are planning to expand blockchain technology on everything from cross-border payments for tracking the life-cycle of supermarket chickens, Samsung Group is one of the first global manufacturers which is considering a serious look at using the distributed ledgers in its progress. SDS is working on the system for Samsung Electronics, the conglomerate’s crown jewel.

Mr. Song, who’s also a vice president at SDS said:

“It will have an enormous impact on the supply chains of manufacturing industries. The blockchain is a core platform to fuel our digital transformation.”

According to International Business Machines Corp., Blockchain Technology in the shipping industry says the technology decreases the time required to send paperwork back and forth and to coordinate with port authorities. Documentation costs for container shipments are more than twice as significant as those for transportation, which is operating with A.P. Moeller-Maersk A/S for tracking cargo movements and convert shipping paperwork.

SDS is expanding to handle 488,000 tons of air cargo and 1 million 20-foot-equivalent (TEU) shipping units this year. It might also be included by the organic light-emitting diode displays and Galaxy S9 phones made by Samsung Electronics. A blockchain system could help the organization decreases the time delay between product launches and actual shipments, making it easier for respond to rival products and shifting consumer desires in emerging markets like China, according to Cheong Tae-su, professor of industrial engineering at Korea University in Seoul.

Mr. Cheong said:

“It cuts overhead and eliminates bottlenecks; It’s about maximizing supply efficiency and visibility, which translates into greater consumer confidence.”

No Comments
Belgium Offers World Food Programme Blockchain Project

World Food Programme Blockchain Project to be Contributed by Belgium According to World Food Programme report, the government of Belgium is going contribute €2 mln for promoting a Blockchain project through World Food Programme (WFP). The donation would allow United Nations (UN) to utilize Blockchain technology to fight against hunger …

Amazon Web Series is Making the use of Hyperledger and Ethereum easy

Amazon Web Series to Start a New service for Hyperledger and Ethereum easy Amazon Web Services has recently announced the service it is going to launch out-of-the-box a blockchain service for Ethereum and Hyperledger Fabric protocols. AWS chief evangelist Jeff Barr wrote in a blog post: “Recently available templates allow …

Huawei to Launch Blockchain as a Service Platform

Blockchain Technology to be Used by Huawei as a Service Platform Chinese Telecommunication firm Huawei announced its latest Hyperledger-fuelled Blockchain service at a conference in Shenzhen on Tuesday. The Blockchain-as-a-service(BaaS) tool, which is launched a month after the release of Huawei and Hyperledger’s joint project Caliper and will be known as …

IBM and Salon Media to Stop Frauds in Ads Industry through a Blockchain Pivot

IBM and Salon Media collaborate for a Blockchain Project to Stop Fraud in Ads Industry According to the reports, IBM and Salon Media are going to lead a proof-of-concept blockchain product developed by AdLedger which is a nonprofit consortium that develops shared ledger technologies for the digital advertising market. “The …

Cognizant to Adopt Blockchain for Cross-Company Data Sharing

Cognizant Partners with Insurers to build Blockchain Data Sharing Platform Cognizant has collaborated with fourteen Indian insurance companies in order to develop a blockchain solution for cross-company data sharing. The firm announced in a statement that on Monday that the platform was built to let the companies securely share data …

India’s Largest Private Sector Bank on-boards over 250 Corporates on its Blockchain Platform

ICICI Bank Welcomes More than 250 Corporates on its Blockchain Platform On Tuesday, ICICI Bank announced that it has successfully on-board over 250 corporates on its blockchain for domestic and international trade finance transaction. The Bank said in a statement: “This initiative marks another milestone in the bank’s pioneering role …

Press Release