News Snippets

Samsung among first to consider using blockchain – and it could cut shipping costs by 20%

According to reports, Korean manufacturing giant Samsung Electronics Co. is turning to a blockchain ledger system to help keep track of global shipments worth billions of dollars annually.

This move could reduce shipping costs by 20%, blockchain chief and vice president at Samsung SDS Co. Song Kwang-woo reportedly told Bloomberg technology.

It will have an enormous impact on the supply chains of manufacturing industries,” Song is quoted as saying in the article. “Blockchain is a core platform to fuel our digital transformation,” he continued.

Forecasted to be worth $424m (S$317m) by 2023, blockchain technology has been hailed as a breakthrough which will drastically reduce time needed to coordinate between entities within a supply chain network.

In the article, SDS is said to be handling up to 488,000 tons of air cargo and 1 million 20-foot-equivalent (TEU) shipping units this year. Blockchain technology could reduce response time needed between product launches and actual shipments, making it easier to respond to fluctuating consumer demands in markets.

Previous ArticleNext Article