Samsung Intends to Use Blockchain for its Global Supply Chain

Samsung Intends to Use Blockchain for its Global Supply Chain

The electronics behemoth Samsung revealed today that it intends to use blockchain for its Global supply chain as reported by Bloomberg on April 16.

Samsung SDS, the IT subsidiary of the company, is taking a closer look at blockchain technology in order to cut costs by up to 20% according to the vice president of SDS Song Kwang-woo.

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If approved, the technology would be a great addition to the Nexledger transaction management tool which was released last year by SDS Blockchain.

Song Kwang-woo states… “Blockchain is a core platform to fuel our digital transformation.”

Samsung’s entire global supply network could transfer over to blockchain according to the recent plans. The 2018 volumes are set to include 1 million shipping containers and 488,000 tons of air cargo.

Samsung is also seeking to integrate itself within the cryptocurrency industry this year. They are partnering with the mining hardware companies Bitmain and Halong Mining Corp in order to produce new ASIC chips.

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