Samsung’s Bold Move: Integrating Blockchain into Global Supply Chain

Transforming Business with Blockchain

In a bold bid to streamline its operations, Samsung Electronics has announced plans to harness the power of blockchain technology to manage its sprawling global supply chain. According to reports from Bloomberg on April 16, the intention is not just to keep up with the tech-savvy crowd but to make serious savings—up to 20% in costs, if all goes according to plan.

SDS Takes the Lead

Samsung SDS, the dedicated IT wing of Samsung, is spearheading this initiative. With Vice President and Blockchain chief Song Kwang-woo at the helm, the company is taking significant steps towards implementing blockchain solutions. The technology is envisioned as a linchpin to facilitate Samsung’s digital transformation, providing transparency and efficiency across their operations.

An Impact on Manufacturing Supply Chains

Song stated, “It will have an enormous impact on the supply chains of manufacturing industries.” Imagine being able to track each step of your new Galaxy S9 smartphone from assembly to delivery, ensuring quality and authenticity like never before!

What’s on the Blockchain Menu?

Samsung is eyeing a massive influx of transactions, with forecasts for 2018 showing a staggering 488,000 tons of air cargo and one million shipping containers in the mix. Now, if you thought your online shopping experience was already impressive, remember that Samsung is working towards integrating these products directly onto the blockchain.

Collaboration for Innovation

Interestingly, Samsung is not just sticking to the traditional supply chain strategies; it’s delving into the cryptocurrency realm too! This year, the tech giant has partnered with prominent mining hardware manufacturers like Bitmain and Halong Mining Corp to develop ASIC chips.

Looking Ahead: A Blockchain Future

Furthermore, a groundbreaking agreement with the South Korean government was struck in November 2017, aimed at creating a blockchain platform concentrated on welfare services, public safety, and transportation by the target year of 2022. If they can pull this off, Samsung is set not only to lead in electronics but in futuristic tech-driven public service too!