Tech Giant Samsung May Soon Start Using Blockchain For Shipping Goods

post image

The tech titan Samsung Electronics is examining the possibility of the blockchain use in the transportation of its commodities. Accordingly, the company hopes to decrease the transportation costs by 20%. The intentions of the business have been revealed by the blockchain chief at Samsung SDS Song Kwang-woo, as per Bloomberg.

New Perspectives For the Largest Manufacturer of World’s Smartphones

Samsung may soon apply blockchain behind the realm of cryptos, as it is often done by giant companies. A few months ago Maersk and IBM announced their mutual plans to use DLT for delivery.

It seems that the world’s most outstanding producer of semiconductors Samsung is reluctant to stay behind in this race for the future. The delivery of Samsung production costs tens of billion dollars annually, and blockchain can be an excellent tool for tracing them. But most importantly, the new trend tech can cut the costs of the transportation of goods by 20%.

When unveiling the plans of the company, Kwang-woo said that if Samsung ends up adopting the DLT for carrying out its operations, it is going to affect the shipping niche in the world of manufacturing considerably.

The VC of SDS also labeled blockchain as the nucleus platform for triggering the cyber metamorphosis of Samsung.

Whereas businesses around the globe concentrate on introducing the blockchain in international financial remittances and tracing the distribution of food, Samsung may act as a game-changer. At present, it is Samsung SDS, the Samsung Group’s info and logistical lever, which is preparing the system for the business.

What Exactly Does Samsung Want To Use DLT For?

With the help of blockchain, the company plans to manage 448k tons of air loads as well as one mln of transportation pieces equivalent to 20 foot already in 2018.

Among the supply units, there will be:

  • Galaxy S9 smartphones
  • inartificial light- exhaling diode monitors

The excellent benefit of the use of blockchain for shipping is that it can help to decrease the time interval between the set off of the goods and actual transportation.

This is what the professor of manufacturing engineering at Korea University Cheong Tae-su believes. He also says that the blockchain system can help Samsung to fight its contenders and match the interests of its clients, especially in the appearing markets such as China.

Tae-su also added that the application if such tech can optimize the delivery effectiveness as well as transparency. This, according to his words, will lead to what he calls “greater consumer confidence.”

Quick Look At All Crypto News And Events For November 2020
Were you too engrossed in trading left and right that you’d completely spaced on getting your monthly update of the latest events in the crypto world? Well,...
Bitcoin Era Success Story: Teen Hits Jackpot With Crypto Trading
17-Year Old Hits The Jackpot With Cryptocurrency Trading Venture The news media has been swept up in a tornado with the latest news of a 17-year-old boy...
Keep Up With October Crypto Events Checking Out This Quick Roundup
Top Crypto Market News Of October You Should Catch Up With Do you think the world is turning more crypto-crazed day by day? There’s no limit to your investments...
A Collection Of Fresh Crypto News For Those Who Missed Out
The Major Roundup On The Latest Crypto News In The World The last month has been full of events and brought even more pressure on local business pretty...
What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset ownership...
What To Expect From A Cryptocurrency Market In 2020
Crypto market has always been a good target for speculation, shady schemes, and "bad guys". It's also very controversial, especially for financial markets...
Ethereum Foundation Confirms Upcoming ‘Istanbul’ Upgrade
On November 7th, Péter Szilágyi announced the date of the foundations impending upgrade, known as ‘Istanbul’. This upgrade will be the eighth hard fork...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming more...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of cryptocurrency....
Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Gate.io Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as cryptocurrency)....
What is a Security Token?
Security tokens became very popular, but do you really know what is STO?STO is Security Token Offering, which is identical to an ICO. In this, there are...
Canada Reports Blockchain To Be Amongst Its Highest Paying Industries
A report recently published by the Canadian Digital Chamber of Commerce proves that the money involved in the blockchain industry of the nation is at the...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one cryptocurrency...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the race...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold than...