Samsung Electronics will use Blockchain for tracking global shipments.



Electronics giant Samsung is planning to manage its global supply chains due to blockchain technology.

Bloomberg reported on Monday that Samsung Electronics is said to be already building a distributed ledger system to track international shipments, and expects that the move could slash shipping costs by 20 percent.

Samsung SDS, the group's logistics and IT subsidiary, is going to develop the platform.

According to the report, SDS will ship around 500,000 tons of air freight and around 1 million shipping containers in 2018 - goods worth tens of billions of dollars.

"It will have an enormous impact on the supply chains of manufacturing industries. Blockchain is a core platform to fuel our digital transformation," Song Kwang-woo, blockchain lead and vice president at SDS, told the press.

ENDO actively expands the network of its clients and one of many successful cases there is integration into shipping company, where supply chain optimization due to blockchain technology has led to company's expenses reduction by 15 percent.

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