Smartphone and semiconductor giant Samsung Electronics Co. is considering a blockchain platform to manage its vast global supply chain network, according to Bloomberg.
Song Kwang-woo, Blockchain chief at Samsung SDS Co. – an information technology subsidiary of Samsung- said to Bloomberg that the system could cut shipping costs by 20 per cent.
“It will have an enormous impact on the supply chains of manufacturing industries.” “Blockchain is a core platform to fuel our digital transformation” Song Kwang-woo added.
Professor of industrial engineering at Korea University in Seoul, Cheong Tae-su, said to Bloomberg “A blockchain system may help the company reduce the time lag between product launches and actual shipments, making it easier to respond to rival products and shifting consumer appetites in emerging markets like China” “It’s about maximizing supply efficiency and visibility,” said Cheong, “which translates into greater consumer confidence.”
Samsung is another major name and one of the first global manufacturers to consider using the blockchain as part of its day-to-day operations, following Maersk and IBM who announced a blockchain strategy at the beginning of 2018.