Blockchain technology is stepping into many different industries. Furthur, the South Korean giant, and global tech leader Samsung keeps an eye on this blockchain technology. The company plans to incorporate distributive ledger to manage supply network. And also the company shows a keen interest in manufacturing mining hardware.
Probably, we all knew about the blockchain technology after the adoption of cryptocurrencies globally. But now, its necessity is increasing day by day, and Samsung uses it to keep track of its global shipments. Also, it reduces the shipping costs which helps a company that spends billions of dollar for shipments.
Apparently, this new implementation is developing with the help of Safety Data Sheet. Depending on how it measure turns out, the impact on Samsung’s supply can be more significant. In its current form, this industry relies on sheet work being sent back and forth between various parties. With a distributed ledger, coordinating with other parties and authorities becomes a lot more face to face for the South Korean giant.
The “South Korean giant” enters blockchain and also keeps an eye on cryptocurrency:
Samsung Electronics Turns to Blockchain to Manage its Global Supply Chains https://t.co/cKPm4tDegP
— CCN (@CryptoCoinsNews) April 16, 2018
— Erik Voorhees (@ErikVoorhees) April 11, 2018
— TicToc by Bloomberg (@tictoc) April 16, 2018
Over the past few months, it has become apparent the company is looking the cryptocurrency industry as well. More specifically, the Korean giant also has shown an interest in developing hardware components. For now, Samsung is manufacturing ASIC chips for Halong Mining, a familiar manufacturer of Bitcoin and Ethereum mining hardware.
The company’s blockchain venture is still under development and has no official roadmap as of right now. Other companies in the shipping and logistics industry are also looking for ways to cut overhead costs once and for all. Do you think Samsung is doing a better job?