Samsung introduces a blockchain for the tracking of the supply chain

The South Korean giant in the electronics industry, Samsung is considering using a block to manage its global supply chains.

Bloomberg reported on Monday that Samsung Electronics is developing a system based on a distributed registry to track international shipments and expects that these efforts will help reduce shipping costs by 20%. According to the publication, the platform is being developed by the logistics and IT division of Samsung SDS.

"This platform will have a huge impact on the supply chain of the manufacturing industry. Blockchain is the main platform that promotes our development in the field of digital technologies, "said Song Kwang-woo, Blockchain Manager and Vice President of SDS, Bloomberg.

According to the report, in 2018 SDS plans to carry out air transportation of goods weighing approximately 500,000 tons, and shipping products by sea with a total weight of about 1 million tons. The inclusion in the process of the system on the basis of the blockchain, as the company's representatives expect, will help to reduce the company's overhead costs, for example, to expensive transport documentation, and will allow it to react more quickly to market changes.