Samsung Electronics Co is Now Exploring Blockchain Technology for Global Shipments

Electronics giant Samsung is mulling the use of a blockchain platform to manage its global supply chains, according to a report.According to the report, SDS will ship around 500,000 tons of air freight and around 1 million shipping containers in 2018 - goods worth tens of billions of dollars.Turning to a blockchain-based system is hoped to allow the firm to reduce overheads, such as costly shipping documentation, and allow it to respond more quickly to market movements. Bloomberg reported Monday that Samsung Electronics is said to be already building a distributed ledger system to track international shipments, and expects that the move could slash shipping costs by 20 percent.The South Koreans tech giant added Nexledger last year, which functions as a transaction management tool. Last year, Kwang-woo said in a press conference when announcing Nexledger:“In developing our blockchain platform, we thought hard about how to merge our strengths and know-how from our system integration service expertise with the advantages of blockchain technology.”
Now the company believes that Samsung’s entire global supply network could be transferred and held on the blockchain. Its 2018 shipping volumes are set for over 480,000 tons of air cargo and over one million shipping containers. In May 2017, SDS launched a blockchain pilot for Korea’s shipping industry to track imports and exports of cargo shipments in real-time by leading a consortium that included Korea’s Ministry of Oceans and Fisheries, the Korea Customs Service, technology giant IBM and major freight operator Hyundai Merchant Marine, among others.Samsung SDS believes the implementation of the blockchain ledger, coupled with the detailed recording of shipment whereabouts and information, could be used to eliminate the possibility of falsely advertising shipment contents or product data and also greatly reduce the chances of a shipment being lost or misplaced. Samsung SDS, the group's logistics and IT subsidiary, is reportedly developing the platform.
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