Samsung will use blockchain digital ledger for its global shipments systems
Samsung will be among first to deploy blockchain technology to maintain its shipments systems worldwide. It’s not too surprising, since the state-of-the-art digital ledger behind cryptocurrencies is providing faster shipments of electronic components and also used to record transactions in this modern day.
Last year, the blockchain technology that caused the heat to boil, could not think of Samsung will also be mixed. According to Bloomberg, Song Kwang-woo, head of blockchain business at the South Korean electronics giant, interviewed about the application blockchain in the global freight system, said that this technology can help them reduce freight costs by 20%.
Block chain is encrypted monetary main principle behind the technology, but a wide range of applications. Like in the use of cargo, it can be used to record, certify and share the relevant freight processes, reducing the time spent on paperwork and scheduling with the Port Authority. Therefore, Samsung’s application of blockchain technology to the biggest advantage of the freight system is to reduce the time it takes for the product to be delivered to the consumer after delivery, which will help solve the problem of shortage of shipments.
Samsung’s representatives did not disclose when they would formally use the technology, and it is not clear which part of the freight process will be applied. However, the news that Samsung will try to apply these new technologies to improve the overall logistics system is also quite interesting.