Samsung’s Plan to Revolutionize Supply Chains
In a bid to outsmart the competition and streamline operations, South Korean tech behemoth Samsung is throwing its hat into the ring of blockchain technology. According to recent reports from Bloomberg, Samsung SDS, the company’s IT arm, is leaping forward with plans to utilize blockchain across its global supply chain.
Cost Savings That Could Break the Bank—In a Good Way
Samsung’s vice president and blockchain aficionado, Song Kwang-woo, has revealed that implementing this technology could lead to cost reductions of up to 20%. Instead of pouring money down the supply chain black hole, Samsung aims to reel in expenses and bolster efficiency. Imagine all the money saved; we could hypothetically fund a world tour for those ‘I Love Samsung’ foam finger enthusiasts!
Nexledger and Beyond
But this isn’t Samsung’s first tango with blockchain. The company already introduced its Nexledger transaction management tool last year, which serves as a stepping stone into this tech-savvy world. As Song pointed out, “Blockchain is a core platform to fuel our digital transformation.” It seems that’s code for, “We’re getting serious about tech!”
Massive Volumes, Massive Potential
Samsung has mapped out its ambitious vision, planning to incorporate blockchain into its entire global supply network. In fact, the logistics for 2018 alone point to staggering figures: 488,000 tons of air cargo and a million shipping containers. Among the precious cargo? Our beloved gadgets like the Galaxy S9 smartphone—which is essential for those late-night TikTok scrolls.
Networking with the Crypto Community
This year, Samsung has shown a keen interest in fostering friendships in the cryptocurrency realm. The tech giant has teamed up with hardware manufacturers like Bitmain and Halong Mining Corp to produce application-specific integrated circuits (ASIC) chips. Remember when your parents said you shouldn’t hang out with bad company? Samsung clearly did not get that memo. Plus, there’s the recent alliance with the South Korean government to create a blockchain platform aimed at public welfare, safety, and transportation by 2022. Kind of makes the usual “let’s do lunch” sound much less impressive, right?
