Samsung Planning Blockchain Shipping Strategy
Samsung is planning a blockchain ledger system in order to monitor billions of dollars-worth of trade, according to Bloomberg.
It is believed such a system could cut shipping costs by 20%.
Song Kwang-woo, who is in charge of blockchain at Samsung SDS, an information technology subsidiary of Samsung, said: “It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation.”
Read a technical paper by Wolfgang Lehmacher of the World Economic Forum on Blockchain Technology for Ports
Blockchain has the promise to be a game changer in the global supply chain as it allows disparate entities along the supply chain to collaborate in a secure, private chain.
Collaboration has long been touted as the solution in making trade more efficient, however players within the supply chain have been concerned about sharing their data with competitors.
Blockchain is a potential solution to this as it acts as an independent arbiter when controlling data, as well as rendering operations paperless.
Samsung is another major name to add to the list of companies getting involved in blockchain.
The biggest of such names comes in the form of Maersk and IBM who announced a blockchain strategy at the beginning of 2018.